Resorts International amends loan, changing covenants, allowing for the reborrowing of funds

By Sara Rosenberg

New York, Oct. 4 - Resorts International Hotel Inc. amended its credit facility, revising covenants and allowing the company to reborrow principal amounts repaid following the date of the agreement up to a limit of $5 million, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Under the amendment, the company now has to comply with a maximum indebtedness covenant of $220 million and maintenance of cash, cash equivalents and borrowing availability under any revolver of $14 million.

These two covenants are instead of the company's previous minimum coverage ratio and maximum leverage financial covenants.

The amendment was completed on Sept. 29.

The CIT Group/Equipment Financing, Inc. is the lead on the facility.

Resorts International is an owner and operator of casinos in Atlantic City, N.J., the Chicagoland gaming market and Tunica, Miss.

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