Caesars Entertainment, Inc. Announces Proposed Offering of Senior Secured Notes

About this update from Caesars Entertainment, Inc.

[{"type":"text","content":" LAS VEGAS & RENO, Nev.--(BUSINESS WIRE)--\nCaesars Entertainment, Inc. (NASDAQ: CZR) (the “Company”) today announced that the Company, intends to offer, subject to market and other conditions, $1,500.0 million aggregate principal amount of senior secured notes due 2032 (the “Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the United States under Regulation S of the Securities Act. The Notes will be guaranteed on a senior secured basis by each existing and future wholly-owned domestic subsidiary of the Company that is a guarantor with respect to the Company’s senior secured credit facilities (the “CEI Credit Agreement”), its existing 6.250% Senior Secured Notes due 2025 (prior to the consummation of the transactions set forth below) and its existing 7.000% Senior Secured Notes due 2030 (the “Subsidiary Guarantors”), once certain regulatory approvals are obtained. The Notes and guarantees of the Notes will be the Company’s and the Subsidiary Guarantors’ senior secured obligations and, once certain regulatory approvals are obtained, secured on a first-priority pari passu basis on substantially all of the property and assets of the Company and the Subsidiary Guarantors, now owned or hereafter acquired by the Company and any Subsidiary Guarantor, that secure the obligations under the Company’s senior secured credit facilities, its existing 6.250% Senior Secured Notes due 2025 (prior to the consummation of the transactions set forth below) and its existing 7.000% Senior Secured Notes due 2030.\n\n\nConcurrently with the issuance of the Notes, the Company expects to enter into an amendment to the CEI Credit Agreement to provide for, among other things, a new approximately $2.0 billion senior secured term loan facility (the “New Term B-1 Loan”). The closing of the New Term B-1 Loan under the CEI Credit Agreement is not a condition to the closing of the sale of the Notes. The Company intends to apply the net proceeds of the sale of the Notes and the New Term B-1 Loan (x) to (a) tender, redeem, repurchase, defease or satisfy and discharge any and all of the Company’s 6.250% Senior Secured Notes due 2025 and (b) pay fees and expenses in connection with the foregoing transactions, and (y) if there are any remai...

More updates from Caesars Entertainment, Inc.