It looks like the tribe just may be looking for other sources of money to borrow.
The Mohegan Tribal Gaming Authority (MTGA) announced today that tribal representatives will speak at the the Lehman Brothers 2008 High Yield Bond and Syndicated Loan Conference On March 12, 2008. High yield bonds are also called junk bonds.
These types of presentations are generally made by the tribe when it is looking for money to borrow. Both Peter J. Roberti, MTGA vice president of finance and William Quidgeon Jr., tribal council treasurer, will make presentations at the conference to be held at the Disney Yacht & Beach Club in Lake Buena Vista, Florida on Wednesday, March 12, 2008.
Financing for the two expansion projects currently taking place has already been secured. In February, the tribe's bankers amended its $1 billion credit facility, approving $950 million for the expansion at Mohegan Sun and up to $215 million for the Pocono Downs expansion. Any new sources of financing may potentially be used to pay for future diversification projects, the proposed government building-community center or possibly future debt repayments. The tribe must repay $330 million of the debt - representing part of the debt that still lingers from the Sunburst expansion of 2001 and which will come due next year. It is believed that a substantial part of that repayment will need to come from further debt borrowings.
Stay tuned later in the week for more details.
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