Mohegan Announces Successful Completion of Unsecured Notes Exchange Offers and Cash Purchases

Mohegan’s Successful Completion of Exchange Offer for Unsecured Notes

On June 9, 2025, the Mohegan Tribal Gaming Authority disclosed the successful conclusion of its previously announced offers to exchange for new Senior Notes and purchase outstanding Senior Notes. Mohegan, in conjunction with MS Digital Entertainment Holdings, has finalized the details surrounding the expiration of these significant financial moves.

Overview of the Offers

The offers included the exchange of existing 13.25% Senior Notes due 2027 for new 13.25% Senior Notes due 2029, along with an option for eligible holders to purchase cash. The expiration date set for this transaction was June 6, 2025, at 5:00 PM, New York City time.

With the end of the offer period, the company reported that a total of $175,609,000 of the 2027 Notes had been validly tendered without any withdrawals. This substantial acceptance not only reflected investor confidence but also indicated a successful execution of Mohegan’s strategic financial plans. The terms of the offerings were outlined comprehensively in a confidential memorandum distributed on May 8, 2025.

Financial Implications

Mohegan will issue $172,682,000 in principal amount of 2029 Notes in exchange for the validly tendered 2027 Notes, alongside $2,927,000 in cash payments. As the company embarks on this new chapter, it marks a noteworthy step in optimizing its capital structure.

In parallel, the company successfully obtained the necessary consents to implement amendments to the indenture governing the 2027 Notes. These amendments will take effect upon the settlement of the offers, expected to occur on June 10, 2025.