By Paul A. Harris
Portland, Ore., Oct. 14 – Empire Resorts, Inc. priced a $300 million issue of five-year senior secured notes (B+/BB+) at par to yield 7¾% on Thursday, according to market sources.
The yield printed at the tight end of the 7¾% to 8% yield talk. Initial guidance was in the high 7% to 8% area.
Wells Fargo Securities LLC was the left bookrunner. Joint bookrunners were BNP Paribas Securities Corp., Citigroup Global Markets Inc. and DBS Bank Ltd.
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.
| Issuer: | Empire Resorts, Inc.
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| Amount: | $300 million
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| Maturity: | Nov. 1, 2026
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| Securities: | Senior secured notes
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| Left bookrunner: | Wells Fargo Securities LLC
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| Joint bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc. and DBS Bank Ltd.
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| Coupon: | 7¾%
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| Price: | Par
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| Yield: | 7¾%
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| Spread: | 670 bps
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| Call protection: | Two years
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| Trade date: | Oct. 14
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| Settlement date: | Oct. 28
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| Ratings: | S&P: B+
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| Fitch: BB+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 7¾% to 8%
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| Marketing: | Roadshow
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