NEW YORK – Mohegan Tribal Gaming Authority, the operator of Mohegan Sun casino in Connecticut, hired Credit Suisse Group AG as part of an effort to refinance debt.
Total debt including capital leases increased to about $1.66 billion at yearend from $1.64 billion on Sept. 30, the company said Thursday in a regulatory filing.
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Mohegan said it hired the advisory unit of Blackstone Group LP in November “to assist in its strategic planning relating to its debt maturities.” The company has six bonds with coupons ranging from 6.875 percent to 11.5 percent maturing between this year and 2017, as well as a $675 million revolving credit line due March 2012, according to data compiled by Bloomberg.
The revolver has $543 million outstanding with an interest rate 2.5 percentage points to 4 percentage points more than the London interbank offered rate, Bloomberg data show. The company’s ratio of debt to earnings before interest, taxes, depreciation and amortization determines the margin, which was set at 3.75 percentage points more than one-month Libor as of Sept. 30.
