Mashantucket Pequot further extends exchange offer for notes

New York, May 15 - The Mashantucket Pequot Tribal Nation said it again extended the exchange offer and consent solicitation for all its outstanding notes.

The offer will now end at 5 p.m. ET on June 5, pushed back from 5 p.m. ET on May 15 and before that from April 24, April 10, March 27 and March 13.

There was no change in the response to the exchange from the previously reported levels. As of 5 p.m. ET on May 15, holders had tendered all $477.9 million of the nation's special revenue obligation bonds, $365.95 million, or 99.97%, of its subordinated special revenue obligation bonds and $463,164,000, or 92.63%, of its 8½% notes. The totals remain unchanged from March 13.

In addition, as of the May 15 deadline, lenders holding $509,557,833, or 96.26%, of the issuer's bank loans have agreed to exchange the debt for new loans. Bank of America, NA is the administrative agent.

The tribal nation said it was in discussions with a holder who has not tendered and a lender who has not agreed to exchange.

In order to complete the exchange, Mashantucket Pequot previously said it must meet various conditions. One condition, receipt of a declination letter from the National Indian Gaming Commission, was satisfied on April 5.

The exchange offer began on Feb. 13 as part of a debt restructuring support agreement.

Epiq Systems is the exchange and information agent.

Mashantucket Pequot owns the Foxwoods Resort Casino and is based in Mashantucket, Conn. The Mashantucket Pequots are a native Algonquin people in southeastern Connecticut.

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