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The Mashantucket Pequot Tribal Nation, owner of Foxwoods Resort Casino, is poised to borrow more money as it continues to restructure debt and tries to expand into markets in New York and Massachusetts.
According to a report Tuesday by Debtwire, an information service that tracks corporate debt, the tribe is planning to take out a new $275 million leveraged loan through Bank of America/Merrill Lynch that will pay relatively high interest.
Citing sources, Debtwire added that a meeting Thursday is expected to help finalize the deal, which comes weeks after a restructuring that erased about $500 million in Foxwoods debt.