Lowenstein Sandler is representing Chatham Asset Management LLC (“Chatham”), a leading private investment firm, in a $500 million high-yield debt exchange with issuer Mohegan Tribal Gaming Authority (“Mohegan”), the owner, developer, and manager of premier entertainment resorts in the U.S., Canada, and Northern Asia.

Through the exchange agreement, Mohegan will exchange approximately $475 million in aggregate principal amount of its outstanding 7.875% senior notes due 2024 (“Old Notes”) held by Chatham and its affiliates for new Mohegan 13.25% senior unsecured notes due 2027 (“New Notes”) at a ratio of $1,052.63 principal amount of New Notes for each $1,000 principal amount of Old Notes, plus accrued and unpaid interest on the exchanged Old Notes up to but not including the date of the exchange. The New Notes will be guaranteed on an unsecured, senior basis by all of Mohegan's existing subsidiaries that guarantee the Old Notes, plus certain future subsidiaries that guarantee other indebtedness of Mohegan or incur indebtedness in excess of $25.0 million.

The exchange agreement provides for settlements in December 2022 and January 2023, subject to the satisfaction or waiver of the conditions set forth in the exchange agreement.

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.

The Lowenstein deal team was led by partner James O’Grady and included Theodore C. Sica, Richard Bernstein, Rachel Ingwer, Alexander Dinur, Raquel Smith, Sarah P. Cole, and Amanda A. Navarro.

About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.

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Lowenstein Sandler LLP
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mcurran@lowenstein.com