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twitterCSFB in takeover deal for casino operator
Thursday, Feb. 12, 2004 | 9:21 a.m.
ATLANTIC CITY -- Trump Hotels & Casino Resorts Inc. said today it signed an exclusivity agreement with DLJ Merchant Banking Partners III L.P., an affiliate of Credit Suisse First Boston Corp., tied to DLJMB's proposed $400 million investment to recapitalize the casino operator. Trump Hotels also reported a wider fourth-quarter loss on lower revenue.
Trump said DLJMB's proposed investment is in the form of common equity and will, if completed, result in a substantial deleveraging of the company's balance sheet. DLJMB would also become the majority shareholder of Trump Hotel, with Donald J. Trump continuing as chairman and a significant shareholder.
The proposed recapitalization is expected to help the company expand its current properties and provide for additional development. In connection with the proposed recapitalization, Trump Hotels plans to change its name to Trump International Corp.
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