Mohegan Tribal Gaming Authority tenders for 8¾% '09 notes

New York, June 20 - The Mohegan Tribal Gaming Authority said it has begun a cash tender offer for any and all of its $300 million of outstanding 8¾% senior subordinated notes due 2009, and a related solicitation of noteholder consents to proposed indenture changes aimed at eliminating substantially all of the restrictive covenants in the indenture.

The authority set a consent deadline of 5 p.m. ET on June 30, and said the tender offer would expire at 12 midnight ET on July 17, subject to possible extension.

Mohegan, an Indian tribe operator of the Mohegan Sun gaming resort in Uncasville, Conn., said that holders tendering their notes will be required to also consent to the proposed indenture amendments, and holders delivering consents must likewise also tender their notes.

Holders who validly tender their notes by the consent deadline will receive the total consideration of $1,077.50 per $1,000 principal amount of notes tendered, while holders who validly tender their notes after the consent deadline but prior to the offer expiration will receive consideration of $1,047.50 per $1,000 principal amount of notes (i.e. they will not receive the $30 per $1,000 principal amount consent payment). All tendering holders will also receive accrued and unpaid interest up to, but not including, the payment date.

The tender offer is subject to the satisfaction of certain conditions, including Mohegan's receipt of tenders of notes representing a majority of the outstanding principal amount, and the authority obtaining senior subordinated financing on acceptable terms in an amount sufficient to consummate the offer.

Banc of America Securities LLC (contact the High Yield Special Products group toll-free at 888 292-0070 or collect at 704 388-4813) and Citigroup Global Markets Inc. (contact Liability Management group at 800 558-3745 or collect at 212 723-6106) will act as dealer managers and solicitation agents in connection with the offer. Mellon Investor Services LLC (call 888 867-6202) will be the information agent for the offer.

Freeport McMoRan redeeming gold-denominated preferred stock

New York, June 20, - Freeport-McMoRan Copper & Gold Inc. announced the mandatory redemption of its Gold-Denominated Preferred Stock and the related redemption of its 6 million outstanding depositary shares, which each represent 0.05 shares of its Gold-Denominated Preferred Stock.

Freeport McMoRan, a New Orleans-based metals mining and refining company, said that the redemptions will take place on Aug. 1.

Each depositary share will be redeemed for a cash amount equal to 0.10 times the arithmetic average of the London P.M. gold fixing price for an ounce of gold in the London bullion market on each of the 20 trading days ending on July 30, plus accrued and unpaid dividends scheduled to be paid on August

1.

Mellon Investor Services LLC (call 800 777-3674) will be the redemption agent and will mail written notice of the specific terms for the mandatory redemption, along with a transmittal form, to registered holders of the depositary shares, on or about June 23. The registered holders will be instructed to deliver the transmittal form, along with their certificates representing depositary shares, to Mellon in order to receive the redemption amount plus any accrued and unpaid dividends.

Sinclair to redeem 11 5/7% HYTOPS

New York, June 20 - Sinclair Broadcast Group, Inc. said it will redeem all its 11 5/8% High Yield Trust Originated Preferred Securities (HYTOPS) on July 21.

The Baltimore television broadcaster will pay par plus the 4.65% call premium and acrrued interest.

Sinclair will fund the redemption from its recent sales of $150 million convertible senior subordinated notes due 2018 and $100 million 8.0% senior subordinated notes due 2012.

Orbital Sciences starts tender for 12% notes

New York, June 20 - Orbital Sciences Corp. announced a cash tender offer and consent solicitation for any and all of its $135 million outstanding principal amount of 12% second priority secured notes due 2006.

The Dulles, Va. developer of small space and missile systems said it will pay 105.025% of the principal amount of notes validly tendered to holders who tender their notes and deliver consents by the consent deadline of 5.00 p.m. ET on July 1.

Holders who tender after the consent date but before the expiration date of midnight ET on July 18 will receive 104% of the principal amount of notes.

Holders will also receive accrued and unpaid interest up to but not including the payment date.

Conditions to the offer include the receipt of valid tenders from holders of at least a majority of the outstanding principal amount of the notes and debt financing sufficient to consummate the offer on terms acceptable to the company.

Banc of America Securities LLC (contact High Yield Special Products at 888 292-0070 or call collect 704 388-4807) is dealer manager and solicitation agent, the information agent is D.F. King & Co., Inc. (888 567-1626) and the depositary is U.S. Bank NA.

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