By Paul A. Harris
Portland, Ore., April 29 - Yonkers Racing Corp. priced a $100 million add-on to its 11 3/8% senior secured notes due July 15, 2016 (B1/B+/) at 109.5 to yield 8.621% on Friday, according to an informed source.
The reoffer price came at the rich end of the 109.25 to 109.5 price talk.
Credit Suisse Securities (USA) LLC and Merrill Lynch were the joint bookrunners.
The Yonkers, N.Y.-based horse racing and gaming company plans to use the proceeds to repay its 13¼% senior subordinated notes due 2013, to repurchase common stock warrants issued in connection with those notes and for general corporate purposes.
The original $225 million issue priced at 97.095 to yield 12% on July 13, 2009.
| Issuer: | Yonkers Racing Corp.
|
| Face amount: | $100 million
|
| Proceeds: | $109.5 million
|
| Maturity: | July 15, 2016
|
| Security description: | Add-on to 11 3/8% senior secured notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Merrill Lynch
|
| Coupon: | 11 3/8%
|
| Price: | 109.5
|
| Yield: | 8.621%
|
| Spread: | 791 bps
|
| First call: | July 15, 2013 at 105.688
|
| Trade date: | April 29
|
| Settlement date: | May 13 with accrued interest
|
| Existing ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A for life
|
| Price talk: | 109.25 to 109.50
|
| Marketing: | Brief roadshow
|
| Original issue: | $225 million issue priced at 97.095 to yield 12% on July 13, 2009
|
| Total issue size: | $325 million
|
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