Paul Hastings Represents Yonkers Racing Corporation in Private Debt Offering and Revolving Credit Facility
Atlanta, GA (July 16, 2009) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm represented Yonkers Racing Corporation in its private offering under Rule 144A and Regulation S of the Securities Act of 1933, as amended, of $225 million principal amount of its 11 3/8% Senior Secured Notes due 2016. In addition, the firm represented Yonkers in connection with the entry into a new $10 million senior secured revolving credit facility. Both transactions closed on July 15, 2009.
The net proceeds from the private debt offering, together with available cash, were used by Yonkers to repay its senior secured credit facility and certain other obligations.
Atlanta partners Elizabeth Noe and Chris Molen led the Paul Hastings team, which also included Jared Brandman, Jonathan Moore, Gregg Miller, Adriana Hristova and Behrouz Kianian.
Located in Yonkers, New York, Yonkers Racing Corporation owns and operates a gaming and entertainment facility comprised of a casino featuring 5,310 slot machines and a harness race track featuring pari-mutuel wagering on live and simulcast horse races.
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