Caesars Entertainment Corp., its bankrupt subsidiary Caesars Entertainment Operating Co. Inc. and its Chapter 11 debtor units priced approximately $1.44 billion worth of senior secured credit facilities.
The facilities comprise a $1.24 billion seven-year senior secured term-loan facility and a $200 million five-year senior secured revolving credit facility.
At the unit's option, the interest rate under the new term facility is equal to either LIBOR plus 250 basis points with no floor or the adjusted base rate plus 150 basis points. The term facility will be issued at 99.5% of par.
The proceeds from the term-loan facility will be used to fund transactions pertaining to the unit's emergence from bankruptcy, in line with its plan of reorganization.
Credit Suisse AG is the sole administrative agent for the senior facilities. Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the joint lead arrangers for the senior facilities and Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Barclays Bank PLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank NA, Morgan Stanley and UBS Securities LLC are the joint book runners for the senior facilities.