By Aleesia Forni
Virginia Beach, Va., Aug. 6 - Mohegan Tribal Gaming Authority priced an upsized $500 million 9¾% eight-year senior notes (Caa1/CCC/) at par on Tuesday, according to a syndicate source.
The notes priced on top of talk.
The original $425 million deal was postponed last week after it was expected to price on Thursday.
Credit Suisse Securities (USA) LLC, RBS Securities Inc., Goldman Sachs & Co., Credit Agricole CIB, SunTrust Robinson Humphrey Inc. and Jefferies LLC were the joint bookrunners.
The Rule 144A and Regulation S with registration rights notes will be non-callable until Sept. 1, 2016 and will then be callable at 107.313.
The Montville, Conn.-based owner and operator of gaming properties plans to use the proceeds to refinance its third-lien notes and to repurchase its 11% senior subordinated notes.
| Issuer: | Mohegan Tribal Gaming Authority
|
| Amount: | $500 million, upsized from $425 million
|
| Maturity: | Sept. 1, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, RBS Securities Inc., Goldman Sachs & Co., Credit Agricole CIB, SunTrust Robinson Humphrey Inc., Jefferies LLC
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Spread: | 745 bps
|
| Call features: | Non-callable until Sept. 1, 2016, then callable at 107.313
|
| Trade date: | Aug. 6
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 9¾%
|
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