Akin Advises the Mississippi Band of Choctaw Indians on $295 Million Credit Facility
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(Washington, D.C. and Houston) – Akin advised the Mississippi Band of Choctaw Indians (MBCI) and Choctaw Resort Development Enterprise (an unincorporated division of MBCI) in a credit facility provided by a group of banks led by KeyBank, which included term loans of $195 million and an increase to an existing revolving line of credit from $50 million to $100 million.
The term loan proceeds are primarily being used to fund the construction of a major new school at MBCI. Upon completion of construction, the federal government will lease the newly built school pursuant to the unique Section 105(l) program, and the lease compensation that the United States pays to the tribe will be used to repay the school construction portion of this loan. This will be the largest Section 105(l) school construction lease to date and is the result of close collaboration between MBCI and the Department of the Interior. The Akin public policy team was led by American Indian law and policy practice head Don Pongrace and lobbying & public policy partner Katie Brossy and included senior policy advisor Denise Desiderio.
The finance team was led by debt finance partner Eric Muñoz and included corporate and finance associates Grace Seidl-Pangilinan and Rebecca Hill.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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