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SUBSEQUENT EVENTS
9 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS:
Refinancing Transactions
On August 11, 2015, the Authority completed several financing transactions relating to the refinancing of certain of its outstanding indebtedness, as set forth below:
Amendment to Loan Agreement and Borrowing of Increase Term B Loans
On August 11, 2015, the Authority entered into an increase joinder and amendment agreement (the “Amendment Agreement”) among the Authority, the Tribe, the guarantors party thereto, Citizens Bank, N.A., as administrative agent, and the lenders party thereto, amending the loan agreement for its Senior Secured Credit Facilities. Pursuant to the Amendment Agreement, the Authority borrowed $90.0 million of increase term B loans (the “Increase Term B Loans”) on the same terms as the Authority’s existing term B loans. The net proceeds of the Increase Term B Loans will be used by the Authority to redeem outstanding 2012 Senior Subordinated Notes, as further described below.
Issuance of Additional 2013 Senior Unsecured Notes
On August 11, 2015, the Authority closed its previously announced private placement of an additional $85.0 million of its 2013 Senior Unsecured Notes (the “Additional 2013 Senior Unsecured Notes”). Subsequent to this transaction, the aggregate principal amount of 2013 Senior Unsecured Notes outstanding, including the Additional 2013 Senior Unsecured Notes, is $585.0 million. The net proceeds of the sale of the Additional 2013 Senior Unsecured Notes will be used by the Authority to redeem outstanding 2012 Senior Subordinated Notes, as further described below.
Registration Rights Agreement
On August 11, 2015, the Authority and the guarantors of the Additional 2013 Senior Unsecured Notes entered into a registration rights agreement with Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBS Securities Inc. as representatives of the several initial purchasers of the Additional 2013 Senior Unsecured Notes. Upon the terms and subject to the conditions of this agreement, the Authority agreed to offer to exchange the Additional 2013 Senior Unsecured Notes, pursuant to a registration statement effective within 270 days of issuance, for a new issue of substantially identical debt securities registered under the Securities Act of 1933, as amended. Under certain circumstances set forth in the registration rights agreement, the Authority also may be obligated to file a shelf registration statement with respect to the Additional 2013 Senior Unsecured Notes.
Redemption of 2012 Senior Subordinated Notes
On August 11, 2015, the Authority called for redemption of $175.0 million of its 2012 Senior Subordinated Notes (the “Redemption Notes”). The Redemption Notes will be redeemed on September 10, 2015 (the “Redemption Date”) at a redemption price equal to $1,053.47 per $1,000 principal amount thereof, which represents 100% of the aggregate principal amount of the Redemption Notes, plus accrued and unpaid interest thereon to the Redemption Date. After giving effect to the redemption, the aggregate principal amount of the Authority’s 2012 Senior Subordinated Notes outstanding will be approximately $100.2 million.
Prepayment of Downs Lodging Credit Facility
On July 16, 2015, Downs Lodging prepaid a portion of the Downs Lodging Credit Facility in the amount of approximately $4.5 million plus accrued interest and fees through the date of the prepayment (the “Downs Lodging Credit Facility Prepayment”). The Downs Lodging Credit Facility Prepayment was funded through an investment by the Authority.