Bank Of America Near Foxwoods Casino
Career spans the landmark casinos of Foxwoods and Mohegan Sun in Connecticut, Revel in Atlantic City and Mohegan Sun Pocono in Pennsylvania. Jeff has worked closely with major Wall Street firms including Goldman Sachs, Citibank, Wells Fargo and Bank of America. See a comprehensive list of U.S. Casinos by state. Get detailed information on every casino resort, riverboat casino and Indian casino in the U.S. Details include games offered, hotel rates, photos, gambling age, buffet prices, maps, directions and more! Read and write reviews for all US casinos.
Foxwoods Resort & Casino (Photo credit: bradb47) Just about 20 years ago a then-leaflet of a magazine called The Improper Bostonian sent me down to a place called 'Foxwoods Casino' that had popped.
MASHANTUCKET, Conn.--(BUSINESS WIRE)--The Mashantucket Pequot Tribal Nation (MPTN), owner of Foxwoods Resort Casino®, today announced that it has reached an agreement with steering committees of its lenders and bondholders to restructure $2.2 billion of outstanding indebtedness. Over the next several months, MPTN and the steering committees will work toward building support for the agreement and implementing the restructuring.
“This represents a critical step forward for our business,” said Foxwoods CEO Scott C. Butera. “The comprehensive agreement substantially lowers our aggregate debt balance and extends maturities at favorable interest rates. It provides for a capital structure that will support significant investments in our gaming and hospitality businesses. This plan will once again put Foxwoods and MPTN on solid financial footing and allow us to continue to provide an outstanding entertainment environment for our guests.'
Under the terms of the agreement, MPTN's senior secured credit facility and Kien Huat loans will be restructured into two term loans with five- and seven-year maturities, respectively. MPTN bondholders are to receive new securities with lengthened maturities of 13, 18 and 23 years based on the seniority of the existing bonds. Maturities will be set from the restructuring date.
Holders of MPTN's subordinated special revenue obligations and 8.5% notes will receive new debt at a discount to face value of accrued principal and interest. Bank of America and Wells Fargo will arrange a $30 million working capital facility for MPTN with a 30-month term beginning on the restructuring date.
'The MPTN fully supports the agreement worked out between the Tribe, Foxwoods management and the steering committees,' said Mashantucket Pequot Tribal Council Chairman Rodney Butler. 'It is fair and consensual, and implementation of the plan will help provide for the long-term financial stability of our Tribal community as well as enhance the competitive strength of Foxwoods Resort Casino. The Council is grateful to all of its Tribal Members, employees, vendors, patrons, and local community partners for their support during these challenging times.'
Foxwoods Casino Website
The steering committees include Bank of America as administrative agent to MPTN’s senior secured credit facility plus representatives for other lenders and bondholders at each level of MPTN’s capital structure.
MPTN’s financial advisor for the restructuring is Miller Buckfire & Co.; and its legal counsel is Weil, Gotshal & Manges LLP.
About the Mashantucket Pequot Tribal Nation
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Hilton Near Foxwoods Casino
The Mashantucket Pequots are a native Algonquin people in southeastern Connecticut who endured centuries of conflict, survival, and continuity on and around one of America’s oldest Indian reservations, established in 1666. As the first native people within the borders of the continental United States to suffer attempted genocidal massacre by Puritan Colonists in 1637, the Pequots and their repatriation is an unprecedented story of restoration exhibited in detail at the Tribe’s world-class Museum and Research Center (www.pequotmuseum.org). Today, the Mashantucket Pequot Tribal Nation owns the largest resort casino in North America, Foxwoods Resort Casino (www.foxwoods.com), along with several other economic ventures, including the Lake of Isles Golf Course (www.lakeofisles.com); a joint-venture partnership establishing the MGM Grand at Foxwoods; and Foxwoods Development Company, dedicated to world-class resort development throughout the United States and Caribbean. All together, the Mashantucket Pequot Tribal Nation remains one of the State of Connecticut’s highest tax payers and largest employers, and has contributed more than $3 billion to the state of Connecticut in accordance with the Tribe’s gaming-revenue-sharing agreement, established in 1993. Likewise, the Tribe provides significant financial contributions to state and local nonprofit organizations that support neighboring communities.