Mohegan Tribal Gaming tenders, seeks consents for 10½% notes due 2016

By Susanna Moon

Chicago, July 30 - The Mohegan Tribal Gaming Authority said it began a tender offer and consent solicitation for its 10½% third-lien senior secured notes due 2016.

The authority is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and to eliminate or modify some events of default and related provisions, according to a press release.

Holders of at least a majority of the notes must authorize the proposed amendments in order for them to become effective.

The total purchase price will be $1,006.25 per $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Aug. 14. The total payment includes an early tender payment of $30.00 per $1,000 principal amount.

Those who tender after the early tender date will receive $976.25 per $1,000 of notes.

The tender offer will end at midnight ET on Aug. 28.

Holders also will receive accrued interest up to but excluding the payment date, which will be Aug. 15 for early tendered notes.

Holders may not tender their notes without delivering their consents and may not deliver consents without tendering their notes.

Tendered notes may be withdrawn until the early tender date.

The tender offer and the consent solicitation are conditioned on the completion of financing with proceeds of at least $425 million. The tender offer is not conditioned on any minimum participation by holders.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) is the dealer manager. D.F. King & Co., Inc. (800 549-6650 or for banks and brokers only 212 269-5550) is the information agent, tender agent and depositary.

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

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