RNY Finally Refinances

After suggesting both February and March that a deal was ‘imminent’, RNY has finally resolved its one remaining legacy debt issue. Today’s announcement suggests it was hardly worth the wait. RNY got lenders to take a big haircut on the loans outstanding on the much larger Pool A assets (refinanced more than a year ago), and we had high hopes for this tranche too. But the lenders did what you would expect them to do and kept most of the assets. The US$43.8m worth of assets in Pool B have been refinanced, including an extension to the senior debt...

After suggesting both February and March that a deal was ‘imminent’, RNY has finally resolved its one remaining legacy debt issue. Today’s announcement suggests it was hardly worth the wait.

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