Orrick Advises Initial Purchasers and Placement Agents on Morongo Band of Mission Indians’ $147.5 Million Bond Offerings and $227.5 Million Note Offering

October.31.2018

Orrick represented Barclays Capital Inc. (“Barclays”) and Tribal Capital Markets, LLC (“TCM”) as initial purchasers in connection with concurrent Rule 144A bond offerings by the Morongo Band of Mission Indians, a federally recognized Indian tribe (the “Tribe”). Orrick also represented Barclays and TCM as placement agents in connection with $227.5 million of senior secured notes offered by the Tribe. The offerings were completed on October 31, 2018, and included two series of tax-exempt revenue bonds, one series of taxable revenue bonds, and five series of senior secured notes.

The Tribe owns and operates the Morongo Casino Resort Spa (the “Casino Resort”) in Cabazon, California. The Tribe expects to use proceeds from the offerings of the bonds and notes to fund a portion of the construction costs for an expansion of the Casino Resort and to repay the Tribe’s existing credit facility.

The Orrick team that advised the initial purchasers on the offerings of the Bonds was led by public finance partner Townsend Hyatt and capital markets partner Stephen Ashley. Other members of the Orrick team included Kenneth Marx and Maria Bergenhem.