Resorts International redeems 11½% mortgage notes

By Angela McDaniels

Seattle, March 20 - Resorts International Hotel and Casino, Inc. redeemed its $180 million 11½% first mortgage notes due 2009 at 106% of par plus accrued interest to April 13, according to an 8-K report filed with the Securities and Exchange Commission on Tuesday.

March 15 was the first call date for the notes.

The company funded the redemption with a portion of the proceeds from a $350 million two-year loan entered into by subsidiaries of Resorts International and Colony RIH Holdings, Inc. with Column Financial, Inc. on March 14, according to the filing.

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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