Colony RIH and Resorts International subsidiaries get $360 million credit facility

By Sara Rosenberg

New York, March 20 - Colony RIH Holdings, Inc. and Resorts International Hotel and Casino, Inc. subsidiaries closed on a new $360 million credit facility, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Column Financial, Inc. is the lender under the loan, which closed on March 14.

The two-year facility consists of a $350 million term loan and a $10 million revolver, with both tranches priced at Libor plus 300 basis points.

The facility is secured by a first-priority deed of trust on the Resorts Hotel and Casino, Atlantic City, N.J., and certain other property owned by subsidiaries of Colony RIH and Resorts International Hotel & Casino.

Proceeds were used to pay in full the existing indebtedness of Colony RIH, Resorts International Hotel & Casino and their subsidiaries with Commerce Bank, CIT Group/Equipment Financing, Inc., and Kerzner International North America, Inc., and to redeem all of the outstanding 11½% first-mortgage notes.

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