The Morongo Band of Mission Indians has refinanced existing debt through a $350 million senior secured credit facility, consolidating prior obligations tied to its gaming and enterprise operations.
The financing, which closed Feb. 18, includes a $288 million revolving credit facility and a $62 million term loan. Proceeds were used to refinance outstanding taxable and tax-exempt bonds and notes, as well as cover transaction-related costs.
KeyBanc Capital Markets acted as joint lead arranger, joint bookrunner and administrative agent. The bank said the transaction represents its fourth financing for Morongo since 2004 and its first syndicated execution for the tribe.
For tribal finance officials and lenders, the deal reflects continued access to bank capital for established tribal enterprises with stable cash flow and long-standing financial relationships.
