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Mohegan Tribal said to set rate on $225M term loan

Posted 1/30/12

UNCASVILLE, Conn. - Mohegan Tribal Gaming Authority, the operator of Mohegan Sun casinos that is restructuring its debt, set the rate it will pay on a $225 million first-lien loan to support the refinancing, according to a person with knowledge of the deal.

The casino operator, based in Uncasville, Conn., is proposing to pay 7.5 percentage points more than the London interbank offered rate with a 1.5 percent minimum on the lending benchmark, said the person, who declined to be identified because the terms are private.

Mohegan may sell the debt at 98 cents on the dollar, the person said, reducing proceeds for the borrower and boosting the yield for investors.

Lenders must let Wells Fargo & Co., the bank leading the transaction, know by Feb. 8 whether they will participate in the deal, the person said.

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