Trump Hotels & Casino Resorts
plans to postpone a planned private placement of $470 million mortgage notes because of unfavorable interest rates.
The company's first significant debt of $242.1 million 11 3/4 mortgage notes do not mature until November of 2003, so Trump believes it will be better served by revisiting the capital markets later in the year.
In a press release, Donald Trump said that the company's improved first-quarter operating results and its "equally encouraging second-quarter results to date" show that the company will be able to get a lower interest rate later in the year. Trump said he is "confident a more attractive financing will be available towards the end of the year."
Donald Trump owns about 46% of Trump Hotels & Casino Resorts.