Resorts International starts roadshow Tuesday for $175 million seven-year notes

By Paul A. Harris

St. Louis, Mo., March 4 - Resorts International Hotel & Casino is set to hit the road Tuesday to market a new offering of $175 million first mortgage notes due 2009 (expected ratings B2/B), according to a syndicate source.

A March 13 pricing is anticipated, according to the source.

Merrill Lynch & Co. is the sole bookrunner for the Rule 144A deal. Co-managers include CIBC World Markets, Deutsche Banc Alex. Brown and Jefferies & Co.

The notes are non-callable for four years.

Proceeds will be used to repay existing indebtedness and for capital expenses, according to the syndicate sourse.

The hotel and casino company is based in Atlantic City, N.J.

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