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Published on 6/3/2020 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Mohegan Tribal Gaming seeks waiver for 7 7/8% senior notes due 2024

Chicago, June 3 – The Mohegan Tribal Gaming Authority is seeking consents for a waiver for its $500 million of 7 7/8% senior notes (U60734AG2, 608328BF6) due 2024, according to a solicitation statement.

The consent solicitation will expire at 5 p.m. ET on June 9.

The authority is seeking consent for a waiver to its indenture from Oct. 14, 2016 with US Bank, NA listed as trustee.

According to the indenture governing the notes, an event of default will occur if the resort ceases gaming operations for a period of more than 90 consecutive days.

The 90th consecutive day of the cessation of gaming operations would be June 15, if gaming operations have not resumed.

Because of the cessation of gaming operations which started in March 2020 due to Covid-19, the authority is seeking consents to waive any default or event of default.

A consent fee of $0.50 will be paid for each $1,000 principal amount of notes to noteholders who validly deliver consents and do not revoke their consents prior to the expiration date.

Prior to the consent solicitation, the issuer entered into one or more agreements with a majority of the noteholders who have agreed to deliver consents prior to the expiration time in exchange for the consent fee.

Accordingly, sufficient consents are expected to be obtained.

The proposed waiver will take effect immediately upon payment of the consent fee to the paying agent or the Depository Trust Co.

D.F. King & Co., Inc. (212 269-5550, 800 901-0068, mohegan@dfking.com) is the information, tabulation and paying agent

The authority is an Uncasville, Conn.-based operator of gaming and entertainment enterprises and an instrumentality of the Mohegan Tribe of Indians.


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