Yonkers Racing plans $100 million tap of 11 3/8% notes due 2016

By Paul A. Harris

Portland, Ore., April 20 - Yonkers Racing Corp. disclosed plans to bring to market a $100 million add-on to its 9 3/8% senior secured notes due 2018.

The announcement came in a Wednesday press release in which Yonkers Racing announced plans to start a consent solicitation with existing holders of those notes.

Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are the solicitation agents.

A portion of the proceeds would be used to redeem all of the company's 13¼% senior subordinated notes due 2013, including accrued pay-in-kind interest and a premium, and repurchase all of its class A common stock warrants.

In the press release, the company said that it believes current market conditions may provide an opportunity to refinance the subordinated notes on favorable terms, including a lower interest rate.

The solicitation will expire at 5 p.m. ET on April 28.

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