Chatham Asset Management releases finance statement regarding Mohegan
The investment firm said it plans to continue offering the Tribal operator support through refinancing.
Private investment firm Chatham Asset Management has published a statement discussing its support for Mohegan Tribal Gaming Authority. The firm currently serves as a creditor for Mohegan.
The published statement discusses the company’s 8.000% Second Priority Senior Secured Notes due February 1, 2026, as well as the 13.250% Senior Notes due December 15, 2027.
Chatham said in its statement, “Mohegan continues to perform well, highlighted by strong financial results in the recently reported Fiscal Third Quarter 2024, which saw the Company achieve double-digit growth in the Digital segment, attractive ramp trends at the newly opened Inspire Entertainment Resort, and continued stable performance of the core domestic properties.
“Altogether, Mohegan has a diverse portfolio of growing assets generating significant free cash flow with untapped commercial value. From this advantageous position, coupled with a robust capital markets landscape, we believe Mohegan can, and should, pursue an immediate refinancing of its entire restricted group capital structure, thereby extending maturity runway and refocusing operational resources on the continued growth of the business.”
Chatham went on to say it is prepared to offer Mohegan refinancing “of the entire restricted group capital structure.”
The firm said in closing, “We believe our support for a holistic refinancing of the entire restricted group capital structure affords the Company better capital markets execution, a lower overall cost of capital, and a preferred maturity profile over a staggered refinancing approach.
“As a significant and supportive creditor of Mohegan, we remain appreciative of our productive dialogue with management, and we hope to soon execute a refinancing transaction that will enable the team to continue to build on its strong momentum.”
Mohegan, formerly known as Mohegan Gaming & Entertainment, was founded in 1995 in Uncasville, Connecticut. The company develops and operates premier international integrated entertainment resorts.
The Tribal operator is currently based in Connecticut but has locations throughout the United States, Canada and in Northern Asia.
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