Empire Resorts to repay term loans with notes and preferred stock

By Sara Rosenberg

New York, Oct. 12 – Empire Resorts Inc. plans to repay its first- and second-lien term loans in full using proceeds from a $300 million senior secured notes offering and a $150 million subscription for series L preferred stock, according to a market source.

Remaining funds from the notes and preferred stock will be used to fund the debt service reserve account for the notes and to pay certain additional transaction fees and expenses.

Empire Resorts, a private company held by Genting Malaysia and Kien Huat Realty III Ltd., is a Monticello, N.Y.-based gaming, lodging and entertainment company.

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