| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Empire Resorts, Inc. > News item |
Empire Resorts expected to sell $475 million five-year secured notes this week; whisper 8%-8¼%
By Paul A. Harris
Portland, Ore., July 22 – Empire Resorts Inc. is expected to price $475 million of five-year senior secured notes (B+/B+) before the end of the July 20 week, according to market sources.
Early guidance has the deal coming to yield 8% to 8¼%, a bond trader said.
The Rule 144A and Regulation S deal is being shopped to fixed income investors, including high-yield bond investors, in Asia, Europe and the United States.
BNP Paribas, Citigroup and DBS Bank are joint bookrunners. BNP Paribas will bill and deliver.
The notes will come with two years of call protection.
Proceeds will be used to enhance liquidity.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.