Mohegan Tribal Gaming trims add-on term loan B to $120 million

By Sara Rosenberg

New York, April 4 – Mohegan Tribal Gaming Authority downsized its add-on term loan B to $120 million from $125 million and upsized its add-on revolving credit facility to $80 million from $75 million, according to a market source.

Pricing on the loan is still Libor plus 400 basis points with a 1% Libor floor, but a step-up was added to Libor plus 437.5 bps based on leverage, the source said.

Also, the 101 soft call protection was extended to one year from six months, and the consent fee for existing lenders was increased to 50 bps from 12.5 bps.

As before, the add-on term loan B has an original issue discount of 99.75.

Citizens Bank is the lead on the deal.

Proceeds will be used to fund the purchase of Mohegan’s partner’s interest in Inspire Integrated Resort Co. Ltd. and additional project-related investments.

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

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