Weather New York, NY +36°F

Regions

Caesar's Entertainment refinancing debt and restructuring loans

September 18
2:36 PM 2013

The largest casino owner in the United States, Caesars Entertainment Corp, raised a total of USD4.85 billion worth of loan and bonds in order to refinance debt. This was confirmed by documents filed with regulatory authorities.

Citigroup Inc. had arranged a USD3 billion term loan for the gaming company packaged together with a USD269.5 million revolving credit faciloty. This was confirmed by a source with knowledge of the transaction who is without authority to speak publicly but sought to remain anonymous. For its part, Caesars Entertainment Group would be issuing USD1.35 billion of second-lien notes together with USD500 million worth of first lien debentures.

Caesars is the gaming company with the most debts in the industry. It would use the proceeds from the debt offer to refinance its commercial mortgage secured debt instruments as well as a current USD450 million senior secured facility. 

In closing the refinancing transaction, Caesars would shift its equity interests of its subsidiaries that own assets to another unit. The new unit would be the issuer under the new financing package, as confirmed by the filed documentation with regulatory authorities. 

© 2017 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics