News & Announcements

Weil Advises Mashantucket Pequot Tribal Nation on Milestone Restructuring

A multidisciplinary Weil team advised the Mashantucket Pequot Tribal Nation (MPTN), owner of Foxwoods Resort Casino®, in the restructuring of $2.3 billion in debt obligations and its offers to exchange notes. The restructuring closed and the exchange offers were consummated on July 1, 2013.

The transactions represent the resolution of 100 percent of creditor claims, reduce MPTN’s debt outstanding by $550 million, and extend maturities on the remaining debt. In conjunction with the restructuring, Foxwoods received $25 million of new senior secured financing comprised of a $5 million revolving credit facility and a $20 million term loan.

This matter required close collaboration among Weil’s premier Banking & Finance, Business Finance & Restructuring, Securities Litigation, Capital Markets, M&A, and Tax practices. The team advising MPTN was led by Banking & Finance partner Andrew Yoon and also included Business Finance & Restructuring partners Stephen Karotkin and Ronit Berkovich; Securities Litigation partner Miranda Schiller; M&A partner Ted Waksman; Tax partners Larry Gelbfish and Stuart Goldring; Tax counsel Max Goodman; Banking & Finance associates Philip Ratner and Renee Bartuccio; Business Finance & Restructuring associates Andrea Saavedra and Scott Bowling; Securities Litigation associates Emily Katz, Ondrej Staviscak Diaz, and Matthew Connors; Capital Markets associates Faiza Rahman, Aman Singh, and Jessica Wang; and Tax associate Andrew Pelzer (all in New York).

With more than 80 dedicated partners and associates in our offices worldwide, Weil’s Banking & Finance practice provides “one-stop shopping” on highly complex financings, true international deal execution, and local law advice in many of the world’s key jurisdictions, including New York, London, Paris, Frankfurt, and Hong Kong. We work in close collaboration with our Business Finance & Restructuring practice to develop unparalleled skills in restructuring and debtor-in-possession and exit financings, as well as the ability to analyze insolvency and collateral risks on new money transactions.

This news appeared in the following outlets (may require registration/subscription):

  • The Wall Street Journal: Mashantucket Pequot Tribe Restructuring Reduces Debt Obligations by $550 million, Provides for Favorable Rates and Extended Terms (July 1, 2013)
  • Standard & Poor’s Leverage Commentary Data: Foxwoods ends four-year restructuring, secures $25M in new financing (July 1, 2013)
  • Law360: Foxwoods Casino Owners Restructure $2.3B In Debt (July 2, 2013)
  • Norwich Bulletin: Foxwoods tribe completes restructuring, debt cut $550M (July 2, 2013)
  • The Deal: Foxwoods restructuring gambles on complexity (July 3, 2013)
  • The Am Law Daily: How Weil Helped Strike Landmark Indian Gaming Debt Deal (July 19, 2013)
  • Law360: Sealing the Deal: Weil Saves Foxwoods With New Debt Tool (August 23, 2013)