Mohegan Tribal Gaming obtains $391 million loan

By Sara Rosenberg

New York, March 26 - The Mohegan Tribal Gaming Authority obtained an amended and restated loan agreement for up to $391 million. The syndicate is comprised of 12 institutions and commercial banks, including Bank of America as administrative agent, Banc of America Securities LLC and Citicorp North America Inc. as co-lead arrangers and co-book managers, Societe Generale as syndication agent, and Wells Fargo Bank, Fleet National Bank, Credit Lyonnais New York Branch and Citizens Bank of Connecticut as documentation agents.

Bank of Scotland, The CIT Group/ Equipment Financing Inc., Keybank, Peoples Bank and Native American Bank also participated in the syndicate.

The loan consists of a revolver of up to $291 million and a $100 million term loan, both due on March 31, 2008.

This new loan replaces the Authority's existing $300 million senior secured credit facility.

"The Authority is very pleased that we were able to complete the restructuring of our bank debt in the minimum amount of time especially given the state of our economy and world events," said Mark F. Brown, chairman of the management board, in a news release.

"The continued credit support by the Authority's senior lenders provides the Authority with greater liquidity and flexibility to address strategic opportunities that may arise over the next five years, while continuing the de-leveraging strategy that began in fiscal year 2003," said Jeffrey E. Hartmann, executive vice president of finance and chief financial officer, in the release.

The Authority, based in Uncasville, Conn., operates the Mohegan Sun Casino.

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