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Thursday, June 13, 2002 | 11:07 a.m.
NEW YORK -- Trump Hotels & Casino Resorts Inc. said Wednesday a unit that owns and operates the Marina Hotel Casino in Atlantic City received a $70 million term credit facility to refinance its debt.
The company said it plans to use the $70 million loan to retire $62 million in bonds and a $5 million working capital loan.
Chairman, Chief Executive and President Donald J. Trump said the new loan will reduce interest expense at the unit, called Trump's Castle Associates LP.
In May Trump scrapped a $470 million junk bond sale after failing to bring enough investors on board at rates he was willing to pay.
Later in the month Standard & Poor's said the company's ratings will remain on review pending the resolution of Trump's Castle's refinancing.
Trump Hotels & Casino Resorts owns and operates hotel casinos. It had annual revenue of $1.2 billion last year.
The company's shares ended Wednesday at $2.52, up 17 cents, or 7.2 percent on the New York Stock Exchange.
Funding of the credit facility is subject to approval by the New Jersey Casino Control Commission.
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