Mohegan Tribal shifts funds between term loan B and term loan A

By Sara Rosenberg

New York, Sept. 29 – Mohegan Tribal Gaming Authority downsized its seven-year term loan B to $785 million from $935 million and upsized its five-year term loan A to $445 million from $295 million, according to a market source.

Pricing on the term loan B is unchanged at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, and the debt still has 101 soft call protection for six months.

The company’s $1.4 billion senior secured credit facility (B1/B) also includes a $170 million five-year revolver.

The term loan A and revolver are priced at Libor plus 425 bps, the source said.

Bank of America Merrill Lynch, Citizens Bank, Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc., Goldman Sachs Bank USA, KeyBanc Capital Markets and CIT Bank are the leads on the deal, with Bank of America the left lead on the term loan B and Citizens the left lead on the pro rata debt.

Commitments were scheduled to be due at 5 p.m. ET on Thursday and allocations are expected on Friday, the source added.

Proceeds will be used to repay and terminate some existing debt, including an existing credit facility.

Mohegan Tribal is an Uncasville, Conn.-based operator of gaming and entertainment enterprises.

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