Mashantuckets continue to restructure debt

Mashantucket – The Mashantucket Pequot Tribal Nation, owner of Foxwoods Resort Casino, announced late Wednesday that it has commenced exchange offers for all of its outstanding bonds in association with its previously disclosed debt-restructuring support agreement and related consent solicitations.

The exchange offers, which are being offered and issued only to “accredited investors,” require the satisfaction or waiver of certain conditions, including minimum participation levels, the tribe said.

The exchange offers are expected to expire on or about March 13.

“The offer to exchange our outstanding notes represents another key step toward completing the restructuring of our indebtedness,” Scott Butera, Foxwoods president and chief executive officer, said in a statement, “and it is gratifying to have achieved the levels of support necessary to advance our balance sheet reorganization.”

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