Mohegan Tribal Gaming again extends consent solicitation

New York, Oct. 1 - The Mohegan Tribal Gaming Authority (Ba2/BB-) said that it has again extended its previously announced solicitation of consents to proposed indenture changes for its 8 1/8% senior notes due 2006, its 8 3/8% senior subordinated notes due 2011 and its 8% senior subordinated notes due 2012.

The consent solicitation, which had been scheduled to expire at 5 p.m. ET on Sept. 30, has been extended to 5 p.m. ET on Oct. 1, subject to possible further extension. All noteholders who previously delivered consents do not need to redeliver such consents or take any other action in response to this extension.

All other previously announced terms and conditions of the consent solicitation remain unchanged.

As previously announced, Mohegan Tribal Gaming Authority, an Uncasville, Conn.-based Indian gaming operator, said on Sept. 11 that it had begun soliciting consents to proposed indenture changes from the holders of its outstanding $200 million principal amount of 8 1/8% notes, its $150 million of 8 3/8% notes and its $250 million of 8% notes.

The Authority initially said the consent solicitation would expire at 5 p.m. ET on Sept. 23, although this was subsequently extended several times. It said the fee to be paid for each consent properly delivered and not revoked prior to expiration would be $5 in cash per $1,000 principal amount of notes.

Mohegan said that the aim of the consent solicitation was to make certain provisions contained in the indentures of the three series of notes conform to those in the indenture of its recently issued 6 3/8% senior subordinated notes due 2009 (Mohegan issued $330 million of the 6 3/8% notes in July). However, it twice subsequently elected to amend the solicitation, so that certain provisions of the indentures governing the three series of notes would continue to be more restrictive than the corresponding provisions of the indenture for the 6 3/8% notes.

The Authority said the proposed amendments generally require the consent of holders of a majority in aggregate principal amount of each series of outstanding notes.

Banc of America Securities LLC (call the High Yield Special Products group at 888 292-0070 or collect at 704 388-4813) and Citigroup Global Markets Inc. (call the Liability Management group at 800 558-3745 or collect at 212 723-6106) will be the solicitation agents. Global Bondholders Services Corp. is the information agent for the offer (call 866 470-4200 or collect at 212 430-3774).

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