Mashantucket Pequot Tribal Nation Reaches Accord with Bondholders on Debt Restructuring

MASHANTUCKET, Conn.--(BUSINESS WIRE)--The Mashantucket Pequot Tribal Nation (MPTN), owner of Foxwoods Resort Casino^®, said today that it has reached accord with the required holders of each class of the Tribe’s debt securities for the effectiveness of the restructuring support agreement (RSA) related to $2.2 billion of its outstanding debt.

“We can now move ahead confidently with our strategic plan which focuses on maximizing our long term profitability in this challenging economic and competitive environment.”

As of today, holders of 84 percent of the outstanding principal amount of MPTN’s Special Revenue Obligation bonds, 90 percent of the outstanding principal amount of MPTN’s Subordinated Special Revenue Obligation bonds, and 72 percent of the outstanding principal amount of MPTN’s 8.5% Notes have executed the RSA. The Tribe is continuing to work toward implementing its plan in accordance with the agreement.

“Reaching our RSA threshold is a significant milestone, one that is testament to the hard work and thoughtfulness that all of our constituents put into the restructuring,” said Foxwoods President and CEO Scott C. Butera. “We can now move ahead confidently with our strategic plan which focuses on maximizing our long term profitability in this challenging economic and competitive environment.”

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

The Mashantucket Pequots are a native Algonquin people in southeastern Connecticut who endured centuries of conflict and survive today on the oldest continuously occupied reservation in the U.S., dating to its establishment 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).

Disclaimer

This press release does not constitute an offer to sell or buy, or a solicitation of an offer to sell or buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.