Genting New York in Inaugural $525 Million Offering and $375 Million Refinancing
February 10, 2021
Cleary Gottlieb represented Genting New York LLC (GENNY) and its wholly owned subsidiary GENNY Capital Inc. in their inaugural debt offering of $525 million of 3.3% senior notes due 2026.
The notes were offered in a private placement in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S. The notes offering launched on January 25, 2021, priced on January 27, 2021, and closed on February 10, 2021. The notes were listed on the Singapore Exchange.
Cleary also represented GENNY in the refinancing of its senior secured credit facilities, consisting of a $350 million delayed draw term loan facility (including an accordion feature pursuant to which commitments can be increased by an additional $50 million) and a $25 million revolving credit facility. Under the refinancing, the existing term loan facility, the existing construction loan facility and the existing revolving credit facility were refinanced and replaced. The new credit agreement amends and restates the applicable rate and certain financial and other covenants set forth in the existing credit agreements. Proceeds from the notes offering were used for the refinancing of the senior secured credit facilities and the transactions closed concurrently.
GENNY developed and operates Resorts World Casino New York City, the only licensed casino facility within New York City and one of only two casinos located within 30 miles of the city limits of New York City. GENNY is an indirectly wholly owned subsidiary of Genting Malaysia Berhad, a premier provider of leisure and entertainment services globally.