Mohegan Gaming shops $1.18 billion five-year senior secured notes; initial talk low 8% area

By Paul A. Harris

Portland, Ore., Jan. 13 – Mohegan Gaming & Entertainment started a roadshow on Wednesday for a $1.175 billion offering of five-year senior secured notes, according to market sources.

The deal, which is in the market with initial guidance in the low 8% area, is expected to price on Friday.

Deutsche Bank Securities Inc. is leading the notes sale.

The Rule 144A and Regulation S notes come with two years of call protection.

The Uncasville, Conn.-based tribal gaming and entertainment operator plans to use the proceeds, along with a new senior secured credit facility and cash on hand, to repay its existing senior secured credit facilities, its Main Street term loan and its debt to the Mohegan tribe with respect to certain subordinated loans.

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