Yonkers Raceway Privately Selling $225 Million in Secured Notes 07/07/2009 |
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Yonkers Racing Corp., which owns and operates a harness-racing track and casino north of New York, is holding a private sale of $225 million in senior secured notes to repay other debt.
The operator of the Yonkers Raceway track and the Empire City casino, which has about 5,300 slot machines, is selling the notes to institutional buyers, the company said in a news release. The notes are due in 2016 and Yonkers will use the proceeds, along with cash, “to repay its senior secured credit facility and certain other obligations.”
Yonkers needs $213.5 million to repay its credit facility, including a 1 percent exit fee.
Tim Rooney, president of Yonkers Raceway and son of Pittsburgh Steelers founder Art Rooney, was inducted into harness racing’s hall of fame in Goshen, New York, on July 5. Rooney’s father and brother Dan are members of the Pro Football Hall of Fame.
(Source: Bloomberg)
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