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Resorts International $175 million seven-year notes talked at 11½%-11¾%, pricing Wednesday
By Paul A. Harris
St. Louis, Mo., March 11 - Official price talk of 11½%-11¾% was heard Monday on Resorts International Hotel and Casino's offering of $175 million of first mortgage notes due 2009 (B2 expected/B), according to a syndicate source.
The deal is headed for a Wednesday pricing, according to the source.
Merrill Lynch & Co. is bookrunner. The co-managers are CIBC World Markets, Deutsche Banc Alex. Brown and Jefferies & Co.
The Rule 144A notes are non-callable for four years. Proceeds will be used to repay existing indebtedness and for capital expenses.
The hotel and casino company is based in Atlantic City, N.J.
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