Genting New York’s $525 Million Notes Offering

Cleary Gottlieb represented Genting New York LLC (GENNY) and its wholly-owned subsidiary GENNY Capital Inc. in the offering. Cleary also represented GENNY in the refinancing of its senior secured credit facilities.

GENNY executed the inaugural debt offering of $525 million of 3.300% 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.

In addition, GENNY executed 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.

The Cleary corporate team included partners Craig Brod (Picture) and Duane McLaughlin, senior attorney Victor Chiu, associates Patrick Courtien, Jeff Shim, Stephen Janda and Yonatan Hassin and law clerks James Abate and Elizabeth Hamilton. Partner Steve Wilner and associates Christopher Bachand-Parente and Norian Watson advised on real estate matters. Partner Daniel Ilan and practice development lawyer Megan Medeiros advised on IP matters. Counsel Rick Bidstrup and Beau Sterling and associate Madison Bush advised on environmental matters. Partner Jason Factor, senior attorney David Stewart Fisher and associate Eric Gruebel advised on tax matters.

Involved fees earner: Christopher Bachand?Parente – Cleary Gottlieb Steen & Hamilton; Rick Bidstrup – Cleary Gottlieb Steen & Hamilton; Craig Brod – Cleary Gottlieb Steen & Hamilton; Madison Bush – Cleary Gottlieb Steen & Hamilton; Victor Chiu – Cleary Gottlieb Steen & Hamilton; Patrick Courtien – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Eric Gruebel – Cleary Gottlieb Steen & Hamilton; Yonatan Hassin – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Stephen Janda – Cleary Gottlieb Steen & Hamilton; Duane McLaughlin – Cleary Gottlieb Steen & Hamilton; Megan Medeiros – Cleary Gottlieb Steen & Hamilton; Jeff Shim – Cleary Gottlieb Steen & Hamilton; Beau Sterling – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Norian Watson – Cleary Gottlieb Steen & Hamilton; Steven Wilner Partner – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: GENNY Capital; Genting New York;

Martina Bellini

Author: Martina Bellini