Mohegan Tribal Gaming seeks $1 billion revolver

By Sara Rosenberg

New York, Nov. 17 - Mohegan Tribal Gaming Authority is currently in market with a $1 billion revolving credit facility, a company spokesman told Prospect News on Friday.

Bank of America and RBS Securities are the joint leads on the deal, with Citigroup, Calyon and Wells Fargo involved as well.

Pricing on the revolver can range from Libor plus 125 to 237.5 basis points, depending on leverage, the spokesman said.

Borrowings under the revolver will be used to help fund an estimated $740 million expansion at Mohegan Sun named Project Horizon, which includes a new 1,000-room hotel, and the $140 million to $150 million updated construction plans for Mohegan Sun at Pocono Downs' phase 2 gaming and entertainment facility.

The deal, which launched with a bank meeting earlier this month, is expected to close in mid-December.

Mohegan is an Uncasville, Conn., gaming company.

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