Exhibit 99.1
NEWS RELEASE
FOR: TRUMP HOTELS & CASINO RESORTS, INC. (NYSE: DJT)
CONTACT: John P. Burke, Corporate Treasurer
(212) 891-1500
FOR RELEASE: June 12, 2002 - Immediate
TRUMP HOTELS & CASINO RESORTS, INC.'S TRUMP'S CASTLE
ENTERS $70.0 MILLION TERM CREDIT FACILITY
TRUMP'S CASTLE'S 10-1/4% SENIOR SECURED NOTES AND
WORKING CAPITAL LOAN CALLED FOR JULY 12, 2002 REDEMPTION
NEW YORK, NY - Trump Hotels & Casino Resorts, Inc. ("THCR" or the
"Company") announced today that its subsidiary, Trump's Castle Associates, L.P.,
the owner and operator of Trump Marina Hotel Casino in Atlantic City, New
Jersey, entered into a $70.0 million term credit facility with a fluctuating
interest rate based upon the Eurodollar rate (7.34% if the loan was funded
today) and maturing on November 1, 2003. Funding of the credit facility is
subject to the approval of the New Jersey Casino Control Commission, and the
facility will be secured on a first-priority basis by substantially all of the
real and personal property owned or leased by Trump's Castle Associates. The net
proceeds of the loan, when funded, will be used to retire Trump's Castle
Funding, Inc.'s entire $62.0 million principal amount 10-1/4% Senior Secured
Notes due April 30, 2003 and Trump's Castle Hotel & Casino, Inc.'s entire $5.0
million principal amount 10-1/4%
Working Capital Loan due April 30, 2003, both of which have been called for
redemption on July 12, 2002.
Donald J. Trump, the Company's Chairman, Chief Executive Officer and
President, said, "This loan will reduce Trump's Castle's interest expense and
will be virtually co-terminus with its current $242.1 million 11-3/4% Mortgage
Notes. With Trump Marina's strong operating results and assuming a continuation
of this trend, I am confident that the refinancing of this property's loans,
which don't mature until November 2003, will be favorable."
THCR owns and operates Trump Plaza Hotel & Casino, Trump Taj Mahal
Casino Resort and Trump Marina Hotel Casino in Atlantic City, New Jersey, and
Trump Indiana, a riverboat casino at Buffington Harbor, Indiana on Lake
Michigan. THCR also manages Trump 29 Casino located in the Palm Springs,
California area. It is the exclusive vehicle through which Donald J. Trump will
engage in new gaming activities in both emerging and established gaming
jurisdictions in both the United States and abroad.
THCR is a public company which is approximately 46.4% owned by Donald
J. Trump. The Company is separate and distinct from all of Mr. Trump's other
holdings.
PSLRA Safe Harbor for Forward-Looking Statements and Additional
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Available Information
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The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements so long as those statements are
identified as forward-looking and are accompanied by meaningful cautionary
statements identifying important factors that could cause actual results to
differ materially from those projected in such statements.
All statements, trend analysis and other information contained in this
release relative to THCR's or its subsidiaries' performance, trends in THCR's or
its subsidiaries' operations or financial results, plans, expectations,
estimates and beliefs, as well as other statements including words such as
"anticipate," "believe," "plan," "estimate," "expect," "intend," "will" and
other similar expressions, constitute forward-looking statements under the
Private Securities Litigation Reform Act of 1995. In connection with certain
forward-
looking statements contained in this release and those that may be made in the
future by or on behalf of THCR, THCR notes that there are various factors that
could cause actual results to differ materially from those set forth in any such
forward-looking statements. The forward-looking statements contained in this
release were prepared by management and are qualified by, and subject to,
significant business, economic, competitive, regulatory and other uncertainties
and contingencies, all of which are difficult or impossible to predict and many
of which are beyond the control of THCR. Accordingly, there can be no assurance
that the forward-looking statements contained in this release will be realized
or that actual results will not be significantly higher or lower. The
forward-looking statements in this release reflect the opinion of the Company's
management as of the date of this release. Readers are hereby advised that
developments subsequent to this release are likely to cause these statements to
become outdated with the passage of time or other factors beyond the control of
the Company. This Company does not intend, however, to update the guidance
provided herein prior to its next release or unless otherwise required to do so.
Readers of this release should consider these facts in evaluating the
information contained herein. In addition, the business and operations of THCR
are subject to substantial risks, which increase the uncertainty inherent in the
forward-looking statements contained in this release. The inclusion of the
forward-looking statements contained in this release should not be regarded as a
representation by THCR or any other person that the forward-looking statements
contained in the release will be achieved. In light of the foregoing, readers of
this release are cautioned not to place undue reliance on the forward-looking
statements contained herein.
Additional information concerning the potential risk factors that could
affect the Company's future performance are described from time to time in the
Company's periodical reports filed with the Securities and Exchange Commission
(the "Commission"), including, but not limited to, the Company's Annual Reports
on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed
free of charge on the Commission's website, www.sec.gov, or on the Company's
website, www.trump.com.
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