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twitterCompany borrows $1.06 billion
Tuesday, March 1, 2005 | 8:58 a.m.
Deutsche Bank AG and Goldman Sachs Group Inc. are arranging a $1.06 billion financing for Resorts International Hotel and Casino Inc., according to a banker familiar with the transaction.
Loans for the operator of a hotel and casino complex on the boardwalk in Atlantic City include a $400 million, second lien eight-year term loan that's expected to have an interest margin of at least 7 percentage points more than the London interbank offered rate, or Libor.
The money will be used to purchase four casino complexes by the parent of Resorts International, Colony Capital LLC. The Los Angeles-based private equity firm is buying Harrah's East Chicago, Harrah's Tunica, Atlantic City Hilton and Bally's Tunica casinos from Harrah's Entertainment Inc. and Caesars Entertainment Inc.
Harrah's and Caesars agreed in September to sell the four properties in connection with their $9.4 billion merger agreement.
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