Discounted Indian Casino Debt

[DTEJD1997]

Hey all:

 

I am embarrassed to say that I read an interesting article the other day about some high yield debt on an Indian Casino and now can't find it.  I thought it was on VIC, but I am not sure.  I simply can't find it anywhere.

 

It was trading for about $.80 on the dollar and was current on their payments.

 

Has anyone else read this, or know about it?

 

Thanks!

[constructive]

Mohegan Tribal Gaming Authority. Looks like there are several bond issues outstanding.

http://www.fructivore.com/2010/08/place-your-bets-on-the-mohegan-tribal-gaming-authority/

http://www.leveragedloan.com/mohegan-tribal-gaming-authority-completes-private-bond-exchange-trading-near-par/

[DTEJD1997]

Constructive:

 

Thank you very much for the information! 

 

This was not the one I saw however.  I forgot to mention that I think it was based in California.  They have been in operation for many years.  They borrowed too much money, restructured the debt, and the new debt was trading for a discount, even though cash flow appeared to cover it well.

 

I should have bookmarked or printed it.  I usually remember things like this, but this one escaped me...

 

Thanks

 

 

[Parsad]

You've got to keep these types of posts to the "General Discussion" board.  If the title isn't specific to a single stock, it doesn't belong in the "Investment Ideas" board.  Cheers!

[Philip Morris IV]

Mohegan is my backyard - interesting piece on their debt.  I'm somewhat surprised it is rated that low.

 

I'm not a debt guy, but debt fans might keep an eye on Mohegan.  At this point, CT is quite dependent on their generous slot-revenue grabs, plus the tourism/employment.  Also next year, Trading Cove Associates' (the original developer) 5% gross revenue dividend finally expires, which will free up cash flow.