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Yonkers Racing to launch $260 million term loan B on Monday
By Sara Rosenberg
New York, May 12 – Yonkers Racing Corp. will hold a lender call on Monday to launch a $260 million seven-year first-lien term loan B (B1/B+), according to a market source.
J.P. Morgan Securities LLC is the lead bank on the deal.
Price talk on the term loan is Libor plus 325 basis points to 350 bps with a 1% Libor floor and an original issue discount of 99.5 to 99.75, the source said.
Included in the term loan is 101 soft call protection for six months.
Proceeds will be used to help refinance existing first-and second-lien term loans.
Yonkers Racing is an owner and operator of a gaming and entertainment facility comprised of Empire City Casino and Yonkers Raceway.
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