Trump Entertainment amends loan, allowing for asset sale, raising pricing

By Sara Rosenberg

New York, June 2 - Trump Entertainment Resorts Holdings LP amended its credit facility, allowing for the sale of Trump Marina Hotel and Casino in Atlantic City, N.J., to Coastal Marina LLC and increasing pricing, according to an 8-K filed with the Securities and Exchange Commission Monday.

Prior to completion of the sale of Trump Marina, pricing on the credit facility is Libor plus 320 basis points. Following the sale, pricing will jump up to Libor plus 420 bps.

The amendment was completed on May 29.

Lenders got a 100 bps amendment fee.

Beal Bank is the administrative agent on the deal.

Trump Entertainment is an Atlantic City-based owner and operator of casino hotel properties.

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