Mohegan Tribal Gaming gets consents to amend 11½% second-lien notes

By Susanna Moon

Chicago, July 31 - The Mohegan Tribal Gaming Authority said it obtained consents from more than a majority of its 11½% second-lien senior secured notes due 2017 by the end of the solicitation at 5 p.m. ET on July 30.

On July 30, the authority and the Mohegan Tribe of Indians of Connecticut executed a supplemental indenture incorporating the proposed amendments, which will become operative on the consent payment date, according to a press release.

As previously announced, the amendment allows the authority to refinance its outstanding subordinated notes with senior unsecured debt and to enter into transactions with the Mohegan Tribe of Indians of Connecticut if the tribe constructs a hotel on tribal land currently leased by the authority.

Holders who delivered consents in the solicitation will receive $2.50 per $1,000 principal amount.

Mohegan Tribal Gaming needed consents from holders of at least a majority of the notes to amend the indenture.

The solicitation is conditioned on the authority obtaining senior unsecured debt financing to its outstanding third-lien notes and subordinated notes due 2018, as previously noted.

Credit Suisse Securities (USA) LLC is the solicitation agent (call collect 212 538-2147 or 800 820-1653). D.F. King & Co., Inc. is the information agent (banks and brokers call 212 269-5550 or 800 549-6650).

The authority is an Uncasville, Conn., operator of gaming and entertainment enterprises.

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