Genting New York's Senior Unsecured Notes Assigned 'BB+' Rating - S&P Global Ratings’ Credit Research

Genting New York's Senior Unsecured Notes Assigned 'BB+' Rating

Genting New York's Senior Unsecured Notes Assigned 'BB+' Rating - S&P Global Ratings’ Credit Research
Genting New York's Senior Unsecured Notes Assigned 'BB+' Rating
Published Sep 09, 2024
4 pages (1660 words) — Published Sep 09, 2024
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

SINGAPORE (S&P Global Ratings) Sept. 9, 2024--S&P Global Ratings today assigned its 'BB+' long-term issue rating to the senior unsecured notes that Genting New York LLC (GENNY) proposes to issue. The company plans to use the proceeds to refinance its outstanding senior unsecured notes and repay existing secured credit facilities. The ratings on the unsecured notes are subject to our review of the final terms and conditions. Together with the note refinancing exercise, GENNY (BB+/Stable/--) will repay its existing Term Loan A and raise US$150 million in a new revolving credit facility (RCF) and US$775 million delayed draw term loan (collectively known as senior secured credit facilities). Both facilities are likely to be undrawn at close. Drawdowns under the delayed

  
Brief Excerpt:

...Note: All debt amounts include six months of prepetition interest. RCF is assumed to be 85% drawn and delayed draw term loan is assumed to be undrawn (given that it is specific to fund the downstate gaming license) at the time of default....

  
Report Type:

Ratings Action

Ticker
0811006D
Issuer
Genting New York LLC
Sector
Global Issuers, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Genting New York's Senior Unsecured Notes Assigned 'BB+' Rating" Sep 09, 2024. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Genting-New-York-s-Senior-Unsecured-Notes-Assigned-BB-Rating-3246653>
  
APA:
S&P Global Ratings’ Credit Research. (). Genting New York's Senior Unsecured Notes Assigned 'BB+' Rating Sep 09, 2024. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Genting-New-York-s-Senior-Unsecured-Notes-Assigned-BB-Rating-3246653>
  
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