YONKERS, N.Y., April 28, 2011 /PRNewswire/ -- Yonkers Racing Corporation ("Yonkers") announced today that the previously announced consent solicitation with respect to its outstanding 11 3/8% Senior Secured Notes due 2016 (the "Notes") has expired as of 5:00 pm., ET, today and that it has received consents from the noteholders representing in excess of a majority in aggregate principal amount if its outstanding Notes. Following receipt of the consents described above, the Company and its subsidiaries executed a supplemental indenture and an amendment to its collateral trust agreement providing for the amendments described in the Consent Solicitation Statement dated April 20, 2011, as supplemented by the Supplement thereto dated April 26, 2011, and the related consent letter. The amendments are effective, and will become operative with respect to all noteholders, including those noteholders who did not consent to the amendments, only upon payment of the consent fee. As provided in the Consent Solicitation Statement, the consent fee will be paid to Consenting Holders (as defined in the Consent Solicitation Statement) only upon satisfaction of the conditions set forth therein.
Noteholders that have validly delivered, and not properly revoked, a consent to the proposed amendments may no longer revoke such consent. According to D.F. King & Co., Inc., the Tabulation Agent, consents have been received with respect to at least 72% of the aggregate principal amount of the outstanding Notes.
Yonkers Raceway, one of the preeminent horse racing facilities in North America, was founded in 1899 as the Empire City Trotting Club, and has been owned and operated since 1972 by the Rooney family of Pittsburgh, Pennsylvania. Yonkers' facility is located on 97 acres in Yonkers, New York, which is approximately 15 miles from New York City's Times Square. Yonkers' current operations are comprised of a gaming and entertainment facility which includes the Empire City Casino – a 140,000 square-foot casino featuring 5,352 gaming positions including 5,270 slot machines and 82 electronic table games (introduced in December 2010), and Yonkers Raceway – a harness race track featuring pari-mutuel wagering on live and simulcast horse races.
SOURCE Yonkers Racing Corporation