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New Issue-Yonkers Racing sells $225 mln in 7-yr notes

Mon Jul 13, 2009 4:53pm EDT
 
  July 13 (Reuters) - Yonkers Racing Corp [YRACI.UL] on
Monday sold $225 million of seven-year senior secured second
lien notes in the 144a private placement market, said IFR, a
Thomson Reuters service.
  Credit Suisse and JP Morgan were the joint bookrunning
managers for the sale.
BORROWER: YONKERS RACING CORPORATION
AMT $225 MLN      COUPON 11.375 PCT   MATURITY 7/15/2016 
TYPE SR SEC NTS   ISS PRICE 97.095    FIRST PAY 1/15/2010
MOODY'S B1        YIELD 12.00 PCT     SETTLEMENT 7/15/2009
S&P B-PLUS        SPREAD 912 BPS      PAY FREQ SEMI-ANNUAL
FITCH N/A          MORE THAN TREAS    NON-CALLABLE 4 YEARS*
*CALL SCHEDULE: 105.699, 102.844, 100
 EQUITY CLAW: 3-YR 35 PCT AT 111.375

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