Uncasville, Connecticut, April 24, 2023 – The Mohegan Tribal Gaming Authority (“MTGA,” “Mohegan,” “we” or us”) entered into the Third Amendment (the “Amendment”) effective May 1, 2023 to that certain Loan Agreement dated as of September 28, 2018 (as amended by the First Advance Loan Agreement, dated as of October 30, 2018, and the Second Advance Loan Agreement, dated as of October 30, 2018, collectively the “BIA Loan Agreement”), as amended by the First Amendment, dated as of September 2, 2020, and the Second Amendment, dated as of January 26, 2021 (collectively, the “Existing BIA Loan Agreement”), by and among MTGA, KeyBank National Association, as administrative agent, Native American Bank National Association, as guarantee agent and co-lead lender and the other lenders party thereto (the Existing BIA Loan Agreement, as amended by the Amendment, the “Amended Loan Agreement”).
In connection with the Amendment, the lenders under the Existing BIA Loan Agreement agreed to extend the maturity date of their loans to October 1, 2025, to replace the interest rate based on the London Interbank Offered Rate with an interest rate based on a secured overnight financing rate, and to make certain other amendments to the terms of the Existing BIA Loan Agreement, including to modify the financial covenants contained therein to provide for one 0.25x step-down to the maximum senior secured leverage ratio beginning with the fiscal quarter ending December 31, 2024 and two 0.25x step-downs to the maximum total leverage ratio beginning with the fiscal quarters ending September 30, 2024 and June 30, 2025, respectively.
An aggregate principal amount of $24.5 million in loans under the Amended Loan Agreement were outstanding as of December 31, 2022.
Mohegan is the owner, developer, and manager of premier entertainment resorts in the United States, Canada, and Northern Asia. Mohegan’s U.S. operations include resorts in Connecticut, Washington, Pennsylvania, New Jersey, and Nevada; Canadian operations are based in Niagara Falls, Ontario; and Mohegan Inspire is located in Incheon, South Korea. The brand’s iGaming division, Mohegan Digital, provides cutting-edge online gaming solutions to Mohegan’s loyal fan base and meets the digital needs of customers on a global scale. Mohegan is owner and operator of Connecticut Sun, a professional basketball team in the WNBA. For more information on Mohegan and its properties, please visit www.mohegangaming.com/.