(Read more on the debt and equitymarkets.)
ATLANTIC CITY-Trump Entertainment Resorts Inc.'s Atlantic Cityportfolio, which has faced difficulties in the past, might find itsburdens easing as the company refinances the first-lien debt on itsproperties here with a $493.25-million credit facility courtesy ofPlano, TX-based Beal Bank Nevada. The new loan carries an interestrate of Libor plus 3.2% and has a five-year maturity period.
According to John Burke, EVP, corporate treasurer and interimCFO of Trump Entertainment, the organization previously had a$200-million revolving loan and $300 million in term loans. "Wewere considering amendments to the loans and had an opportunity torefinance, so we took the opportunity to refinance the loan in itsentirety," Burke tells GlobeSt.com.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
