Empire Resorts starts roadshow for $300 million five-year secured notes; talk high 7%-8% area

By Paul A. Harris

Portland, Ore., Oct. 12 – Empire Resorts, Inc. started a roadshow on Monday for a $300 million offering of five-year senior secured notes, according to market sources.

The deal, which was set to kick off on a Tuesday conference call with investors, is in the market with initial guidance in the high 7% to 8% area.

The roadshow runs through Thursday.

Wells Fargo Securities LLC is the left bookrunner. BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon.

Proceeds will be used to refinance term loans and fund a debt service reserve account for the senior secured notes.

The Monticello, N.Y.-based casino-lodging operation, which is 49% owned by Genting Malaysia Bhd. and 51% owned by Kien Huat Realty III Ltd., operates Resorts World Catskills in Monticello, N.Y., and Resorts World Hudson Valley in Orange County, N.Y.

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