The Mohegan Tribal Gaming Authority announced yesterday that it has amended its bank credit facility, similar to a line of credit, with a syndicate of banks led by Bank of America acting as the administrative agent. According to an MTGA press release, the December 10 changes to the banking facility are as follows:
"The overall size of the credit facility has been reduced from $1.0 billion, with a $250 million increase option, to $850 million, with a $150 million increase option. Permitted capital expenditures for the Authority's Project Horizon have been reduced from $950 million to $350 million as a result of the suspension of certain components of the project and certain other investments and capital expenditures have been reduced. Proceeds of the credit facility may now be used to repay the Authority's 6 3/8% $330 million senior subordinated notes at maturity on July 15, 2009. The Authority's covenants for total leverage, senior leverage and minimum fixed charge coverage ratios have been modified to conform with the current construction plans for Project Horizon and recent operating trends. Interest rate margins and fee rates have also been modified."
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