Nashville, July 20 - Empire Resorts Inc. sold $65 million of 5.5% 10-year convertible notes with a 15% initial conversion premium via Jefferies & Co.
Empire Resorts operates the Monticello Raceway, which includes video gaming, and as a partner with the Cayuga Nation of New York is in the final stages of review for the Cayuga Catskill Resort casino adjacent to the raceway.
Proceeds will be used to acquire 232 acres in Monticello, N.Y., repay certain debt, complete renovations at the Monticello horse racetrack, fund development costs for the Cayuga Catskill Resort and for general corporate purposes.
Terms of the deal are:
| Issuer: | Empire Resorts Inc.
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| Issue: | Convertible senior notes
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| Placement agent: | Jefferies & Co.
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| Amount: | $65 million
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| Maturity: | July 31, 2014
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| Coupon: | 5.5%
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| Price: | Par
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| Conversion price: | $13.75
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| Conversion premium: | 15%
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| Call: | Non-callable for 3 years, then at 150% for 2 years
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| Settlement date: | July 23
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| Distribution: | Rule 144A
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