Reuters is reporting that the Mohegan Tribal Gaming Authority sold the $200 million of debt notes today. The proceeds of the sale will be used to pay down loans with MTGA's prime bankers.
The final coupon interest rate on the notes is 11.5 percent but a sold at a discount of 96.2 cents to every dollar, pushing the effective yield to 12.25 percent. The second lien senior secured notes are due in 2017.
See Reuter's at http://www.reuters.com/article/marketsNews/idUSN1446730220091021
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