Moody's: Mohegan distressed

Moody's Investors Service said the Mohegan Tribal Gaming Authority's recently announced exchange offer will be viewed as a distressed exchange upon closing.

The authority announced that it has commenced a series of debt-refinancing transactions designed to extend the maturity dates of the company's capital structure, including private par exchange offers and an amendment and restatement of its credit facility.

Given Moody's view that the authority's existing capital structure is unsustainable, the exchange offer will be considered a limited default upon closing.

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