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Caesars To Issue $1.5 Billion In New Debt

Compan Intends To Use Money To Pay Off Other Loans

by Brian Pempus  |  Published: Feb 05, 2013  |  

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Caesars Entertainment Corporation announced Monday that it’s seeking to issue $1.5 billion in new debt, with the intent to use the “net proceeds from the offering to repay certain outstanding term loans and to pay related fees and expenses.”

The press release also states:

“Caesars Operating Escrow LLC and Caesars Escrow Corporation, wholly owned unrestricted subsidiaries of Caesars Entertainment Operating Company, Inc., are proposing to issue $1,500.00 million aggregate principal amount of 9% senior secured notes due 2020.”

According to the Las Vegas Review-Journal, Caesars has nearly $20 billion in long-term debt — tops in the casino industry.

Caesars has the World Series of Poker under its umbrella of ownership, as well as Caesars Interactive Entertainment, which has a license in Nevada for web poker.

 
 
Tags: Poker Business,   Nevada,   Caesars
 
 
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