Caesars Announces Expiration of Rights Offering, 95.2% of Basic Subscription Rights Exercised
Caesars Entertainment Corporation (NASDAQ: CZR) announced that the subscription period of the previously announced offering of Class A common stock ("Class A Common Stock") of Caesars Acquisition Company ("CAC") to holders of subscriptions rights expired at 5:00 p.m., New York City time, on November 2, 2013 (the "Expiration Date").
The results of the offering indicate that approximately 95.2% of the basic subscription rights were exercised by holders of the subscription rights. In addition, holders of subscription rights elected to retain approximately 0.8% of the aggregate basic subscription rights and other holders of subscription rights who exercised their basic subscription rights in full requested to purchase 79,347,563 additional shares of Class A Common Stock pursuant to the over-subscription privilege such that the offering, other than with respect to the Class A Common Stock underlying the subscription rights that were retained, is expected to be fully subscribed. Accordingly, after giving effect to the subscription rights that were retained, Caesars expects CAC to distribute a total of 135,771,882 shares of Class A Common Stock to the holders of subscription rights who validly exercised their subscription rights and paid the subscription price in full,