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Mashantucket — The Mashantucket Pequot Tribe will pay $9.2 million to cancel nearly $37 million worth of outstanding debt in a bond exchange that would enable it to conclude a massive restructuring.
In a statement released late Monday night, the tribe, which owns Foxwoods Resort Casino, said it planned to close on the deal July 1.
The tribe said it has reached agreements with two holders of notes paying 8.5 percent interest. One of the holders owns $34.8 million in notes and the other owns $2 million in notes, according to the tribe, which said it will pay the holders $9 million and $200,000, respectively, in cash.
A Foxwoods spokesman said the tribe would have no further comment until the deal closes.