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Mashantucket Pequot again extends exchange offer for notes
New York, June 5 - The Mashantucket Pequot Tribal Nation said it once more extended the exchange offer and consent solicitation for all its outstanding notes.
The offer now ends at 11 a.m. ET on July 1, delayed from 5 p.m. ET on June 5 and before that May 15, April 24, April 10, March 27 and March 13.
As far as the company's notes are concerned, there was no change in the response to the exchange from the previously reported levels. As of 5 p.m. ET on June 5, 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.
The nation said it was in discussions with a holder that has not tendered its notes.
However as of 5 p.m. ET on June 5, lenders holding all of the issuer's bank loans have agreed to exchange the debt for new loans, according to Bank of America, NA is the administrative agent. At the previous report, lenders holding $509,557,833, or 96.26%, had agreed to exchange as of May 15.
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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