Empire Resorts mandates banks ahead of possible benchmark offering of five-year secured notes

By Paul A. Harris

Portland, Ore., July 20 – Empire Resorts Inc. mandated BNP Paribas, Citigroup and DBS Bank as joint bookrunners for a benchmark offering of dollar-denominated five-year senior secured notes (/B+/B+), pending market conditions, according to an informed source.

Discussions with fixed income investors in Asia, Europe and the United States were underway on Monday, the source added.

The notes are being marketed to high-yield investors.

BNP Paribas will bill and deliver for the Rule 144A and Regulation S deal.

The notes will come with two years of call protection.

Empire Resorts is a Monticello, N.Y.-based gaming, lodging and entertainment company indirectly owned by Malaysia-based Kien Huat Realty III Ltd., which owns 51%, and Genting Malaysia Bhd., which owns 49%.

The notes are expected to have the benefit of a keepwell deed entered into with Kien Huat Realty and Genting Malaysia.

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