Trump Entertainment gets $493.25 million mortgage credit facility

By Sara Rosenberg

New York, Dec. 31 - Trump Entertainment Resorts, Inc. closed on a new $493.25 million five-year first-lien mortgage credit facility, according to an 8-K filed with the Securities and Exchange Commission.

Beal Bank Nevada is the administrative agent on the deal that was completed on Dec. 21.

The facility consists of a $393.25 million drawn loan and a $100 million delayed-draw until Dec. 21, 2008 term loan, with both tranches priced at Libor plus 320 basis points.

The delayed-draw loan has a commitment fee of 50 bps.

Proceeds were used to refinance all of the company's existing first-lien debt, eliminating requirements to maintain certain leverage, first-lien leverage and interest coverage ratios.

Trump Entertainment is an Atlantic City-based gaming company.

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