Published on 9/29/2016 in the Prospect News High Yield Daily.
New Issue: Mohegan prices $500 million 7 7/8% eight-year notes to yield 8%
By Paul A. Harris
Portland, Ore., Sept. 29 – Mohegan Tribal Gaming Authority priced a $500 million issue of 7 7/8% eight-year senior notes (B3/CCC+) at 99.271 to yield 8% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 8% to 8¼% yield talk.
Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Citizens, SunTrust Robinson Humphrey Inc., Goldman Sachs & Co., CIT and KeyBank Capital Markets were the joint bookrunners.
The Uncasville, Conn.-based operator of gaming and entertainment enterprises plans to use the proceeds to refinance its entire capital structure.
| Issuer: | Mohegan Tribal Gaming Authority
|
| Face amount: | $500 million
|
| Proceeds: | $496,355,000
|
| Maturity: | Oct. 15, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Citizens, SunTrust Robinson Humphrey Inc., Goldman Sachs & Co., CIT, KeyBank Capital Markets
|
| Coupon: | 7 7/8%
|
| Price: | 99.271
|
| Yield: | 8%
|
| Spread: | 653 bps
|
| First call: | Oct. 15, 2019 at 105.906
|
| Trade date: | Sept. 29
|
| Settlement date: | Oct. 14
|
| Ratings: | Moody's: B3
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8% to 8¼%
|
| Marketing: | Roadshow
|
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