MML Capital Partners ("MML") has exited its mezzanine investment in Yonkers Racing Corporation ("YRC" or the "Company"). MML's exit was achieved via a refinancing through a public high yield offering.
Based in Yonkers, New York, 15 miles north of midtown Manhattan, YRC owns and operates Empire City, the fourth largest casino in the U.S. in terms of slot machines.
In July 2008 MML led a $75 million investment in YRC. New York Life Capital Partners, an affiliate of New York Life Insurance Company, which is a limited partner in MML's fund, co-invested through its mezzanine fund in the transaction.
Commenting on the transaction, Robert M. Davies, a Managing Partner of MML, said: "We are very pleased to have had such a successful investment in YRC. The Company represented a unique investment opportunity for MML to demonstrate its flexible investment approach and ability to partner with management in building their businesses. With its attractive location with excellent demographics, limited competition, and exceptional management team, we are confident that the Company will have continued success."