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Discounted Indian Casino Debt


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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?



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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...





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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.

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