The Mohegan Tribal Gaming Authority announced several financing transactions including entering into an increase joinder and amendment agreement with Citizens Bank as administrative agent for a lender group.
Pursuant to the amendment, the authority borrowed $90 million of increased term B loans on the same terms as its existing term B loans.
The authority expects to use the net proceeds from the increase term B loans, together with the net proceeds of $85 million of 9.75% of new senior notes, to finance the redemption and to pay related fees and expenses on $175 million of its senior secured subordinated notes due 2018.
Access the full Mohegan Tribal Gaming Authority news release here.