Caesars Entertainment Announces Proposed $750 Million Debt Offering
Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars" or the "Company") announced today that Caesars Operating Escrow LLC and Caesars Escrow Corporation (the "Escrow Issuers"), wholly owned unrestricted subsidiaries of Caesars Entertainment Operating Company, Inc. ("CEOC"), are proposing to issue $750.0 million aggregate principal amount of 8 ½% senior secured notes due 2020 (the "Notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The offering is subject to market conditions and other factors.
Caesars intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under CEOC's senior secured credit facilities, to pay related fees and expenses and for general corporate purposes.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.