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Eldorado Resorts prices $600M senior notes due 2026

Eldorado Resorts Inc. on Sept. 6 priced its offering of $600 million of senior notes due 2026 at an interest rate of 6% per annum and an issue price equal to 100% of the notes' principal amount. The offering was announced earlier in the day.

The Reno, Nev.-based casino and gaming operator said proceeds of the offering will initially be placed in escrow pending satisfaction of certain conditions, including the completion of Eldorado's acquisition of Tropicana Entertainment Inc.

Eldorado said it intends to use the net proceeds from the debt offering, together with borrowings under Eldorado's revolving credit facility, its cash on hand and Tropicana's cash on hand, to pay the consideration payable in its acquisition of Tropicana, repay all amounts outstanding under Tropicana's existing credit facility, and pay fees and costs associated with the Tropicana acquisition.

The offering is expected to close on or around Sept. 20, subject to customary closing conditions.