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TRUMP'S CASTLE FUNDING OFFERS TO EXCHANGE ALL OF ITS 9-1/2 PERCENT MORTGAGE BONDS DUE 1998

 NEW YORK, Nov. 24 /PRNewswire/ -- Trump's Castle Associates, the operator of Trump's Castle Casino Resort, and its financing affiliate, Trump's Castle Funding, Inc., announced today that Funding has commenced an offer to exchange all of its 9-1/2 percent mortgage bonds due 1998.
 Each exchanging bondholder will receive $670 principal amount of Funding's 11-3/4 percent mortgage notes due 2003 and $178 principal amount of Funding's 13-7/8 percent subordinated pay-in-kind notes due 2005, together with accrued interest, for each $1,000 principal amount of bonds exchanged.
 Each $1,000 principal amount of bonds trades as a unit with one share of TC/GP, Inc. common stock. In connection with the exchange offer, Trump's Castle Holding, Inc. has entered into a merger agreement with TC/GP pursuant to which holders of TC/GP common stock will receive $32 principal amount of Funding's 13-7/8 percent subordinated pay-in- kind notes due 2005 for each share of common stock. As a result of the merger, Donald J. Trump will become the owner of 100 percent of the equity of Trump's Castle Associates.
 The recapitalization is conditioned upon, among other things, 1) the tender of at least $302,320,000 principal amount of bonds in the exchange offer; 2) the sale by Trump's Castle Funding, Inc. of its senior secured notes; 3) the approval of the New Jersey Casino Control Commission; 4) the approval of certain creditors of Trump's Castle Associates and Donald J. Trump, and; 5) the exercise of appraisal rights in the merger by holders of no more than 5 percent of the outstanding TC/GP shares. Consummation of the merger is subject to consummation of the exchange offer.
 The exchange offer will expire at 11 a.m. (EST), on Dec. 27, 1993, and the special meeting of stockholders of TC/GP to consider and vote upon the merger is scheduled for 9:30 a.m., local time, on Dec. 29, 1993, at Trump's Castle Casino Resort.
 MacKenzie Partners, Inc. will act as information agent for the exchange offer. They can be reached at 800-322-2885.
 /delval/
 -0- 11/24/93
 /CONTACT: John P. Burke of Trump Castle's Associates, 212-832-2000/


CO: Trump's Castle Casino Resort ST: New Jersey, New York IN: CNO SU: OFR

JM-MK -- PH014 -- 7722 11/24/93 15:03 EST
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Publication:PR Newswire
Date:Nov 24, 1993
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