Wednesday, October 28, 2009

Mashantuckets And Lenders Agree To Truce Until January 20

Feather News

The Mashantucket Pequot Tribe's senior lenders agreed not to take action on possible defaults - such as non-payments or violating loan conditions - by the Tribe until after January 20, 2010 while Tribal debt restructuring negotiations continue.

The Mashantuckets have a $700-million revolver loan due in July 2010. The Mashantucket's total debt is believed to be around $2.5 billion, which includes $500 million in bonds at 8.5 percent interest that mature in 2015 and $250 million of bonds at 5.9 percent interest rate that are due in 2021.

A $21 million interest payment is scheduled to become due next month on the $500 million (Year 2015) bonds mentioned above.