Genting NY in $625 Million Offering, $525 Million Tender Offer, and $925 Million Credit Facilities

Cleary Gottlieb is representing Genting New York LLC (GENNY), the operator of Resorts World New York City, and its wholly owned subsidiary GENNY Capital Inc. in their offering of $625 million of new senior notes (including a $100 million add-on offering), concurrent offer to purchase $525 million of their outstanding existing senior notes, and new senior secured credit facilities consisting of a $775 million delayed draw term loan facility and a $150 million revolving credit facility.

The notes are being offered in a private placement pursuant to Rule 144A and outside of the United States pursuant to Regulation S. The initial notes offering launched on September 9, 2024, and priced on September 10, 2024, and the add-on notes offering launched and priced on September 13, 2024. Both offerings will close on September 24, 2024. The notes are being listed on the Official List of the SGX-ST (Singapore). The proceeds from these offerings, together with cash on hand, are expected to be used to, among other things, repurchase, redeem, repay, defease or satisfy, and discharge the existing notes, and repay the $175 million outstanding principal amount under GENNY’s existing term loan facility.

Cleary is also representing GENNY in its senior secured credit facilities, consisting of a $775 million delayed draw term loan facility and a $150 million revolving credit facility. The new senior secured credit facilities will replace GENNY’s existing credit facilities. The new senior secured credit facilities are expected to close concurrently with the note offering.

GENNY operates Resorts World New York City, the only licensed casino in New York City. GENNY is an indirectly wholly owned subsidiary of Genting Malaysia Berhad, a premier provider of leisure and entertainment services globally.