According to an article on bloomberg.com, in order to pay off existing debt, Yonkers Racing Corp. is holding a private sale of $225 million in senior secured notes

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The report states that Yonkers needs $213.5 million to repay its credit facility, including a one per cent exit fee.

Yonkers Racing Corp. is selling the notes -- due in 2016 -- to institutional buyers. According to a release from Yonkers, the proceeds from the sale will be used to repay its senior secured credit facility and certain other obligations.

Click here to the read the article in its entirety.

(With files from bloomberg.com)