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Mohegan Gaming & Entertainment Announces Refinancing Transactions

UNCASVILLE, Conn., Jan. 13, 2021 /PRNewswire/ — Mohegan Gaming Entertainment (“MGE” or the “Company”) today announced that it has commenced a private offering (the “Offering”) of $1.175 billion aggregate principal amount of second priority senior secured notes due 2026 (the “Notes”).  The consummation of the Offering is conditioned on, among other things, MGE’s replacement of its existing senior secured credit facilities (the “Senior Secured Credit Facilities”) with a new revolving credit facility, or an amendment and restatement of the Senior Secured Credit Facilities into a new revolving credit facility, in either case with commitments of not less than $250 million (the “New Senior Secured Credit Facility”) prior to or substantially concurrent with the Offering.  The net proceeds from the Offering and borrowings under the New Senior Secured Credit Facility, together with cash on hand, will be used to fund the repayment, satisfaction and discharge of certain existing indebtedness of MGE, including all loans outstanding under the Senior Secured Credit Facilities, all obligations in respect of MGE’s Main Street term loan facility and MGE’s debt to the Mohegan Tribe in respect of certain subordinated loans, and to pay related fees and expenses. 

The Notes will be guaranteed by certain of the Company’s subsidiaries.

The Offering will be made only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.  The Notes will be subject to restrictions on transferability and resale and may not be transferred or resold, except in compliance with the registration requirements of the Securities Act or pursuant to an exemption therefrom and in compliance with other applicable securities laws.  The Notes will not

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