Mohegan gets tenders for nearly all 11½% notes by early deadline

By Angela McDaniels

Tacoma, Wash., Nov. 19 - The Mohegan Tribal Gaming Authority had received tenders for $199,765,000, or 99.98%, of its 11½% second-lien senior secured notes due 2017 as of 5 p.m. ET on Nov. 18, the early tender deadline, according to a company news release.

A tender offer and consent solicitation for the $199.8 million of outstanding notes began Nov. 4 and will expire at midnight ET on Dec. 3.

The company will pay $1,160 per $1,000 principal amount of notes tendered by the early tender deadline plus accrued interest up to but excluding Nov. 19, the early payment date.

Holders who tender after the early deadline but at or before the offer expiration will receive $1,130 per $1,000 of notes, which excludes a $30 early tender payment.

The tenders received so far are enough to approve amendments to the indenture governing the notes that will eliminate substantially all of the indenture's restrictive covenants and eliminate or modify some events of default and related provisions.

Holders who tender their notes must also consent to the proposed amendments, and holders delivering consents must also tender their notes.

The tender offer is subject to a financing condition and a termination condition, which have been satisfied. The tender offer is not conditioned on any minimum participation by holders.

Notes called

All notes not tendered in the offer will be redeemed.

In addition, the company has called for redemption all $200,000 of its 11½% second-lien secured notes due 2017.

The redemption date for both is Dec. 19.

RBS Securities Inc. (877 297-9832 or 203 897-6145) is the dealer manager for the tender offer and the consent solicitation agent, and D.F. King & Co., Inc. (212 269-5550 for banks and brokers only or 800 549-6650) is the information agent, tender agent and depositary.

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

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