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Caesars Entertainment unit seeks new financing as part of reorganization

Caesars Entertainment Corp. subsidiary Caesars Entertainment Operating Co. Inc. is planning to secure new financing for a real estate investment trust that is due to be formed as part of the company's reorganization plan.

Lead arrangers J.P. Morgan Securities LLC and Barclays Capital Inc. plan to solicit indications for up to $2.2 billion of proceeds for the refinancing of fee and leasehold interests in Caesars Palace on the Las Vegas strip.

The proceeds from the new financing will be used to pay off the company's existing debt.