Trump expects to launch $500 million credit facility in February

By Sara Rosenberg

New York, Jan. 11 - Trump Hotels & Casinos Resorts Inc.'s proposed $500 million working capital facility is expected to launch some time next month and may even be an early February event, according to a market source.

However, timing on the deal is still fluid, the source warned.

Morgan Stanley & Co. Inc. and UBS Investment Bank are joint lead arrangers on the deal.

Security is a first-priority lien on substantially all company assets.

Proceeds will be used to fund immediate capital improvements, as well as certain expansion projects, at current properties and provide financial resources to potentially invest in additional jurisdictions, according to a company news release.

The facility is being sought in connection with the company's recapitalization plan, under which it was required to file for Chapter 11 bankruptcy.

Trump Hotels is an Atlantic City, N.J., hotel and casino owner and operator.

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