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Caesars Entertainment unit closes $265M incremental term loan

Caesars Entertainment Corp.'s CEOC LLC operating unit closed on a $265 million incremental term loan as an add-on to its existing $1.435 billion of senior secured credit facilities.

The existing facility comprises a $1.235 billion seven-year senior secured term loan and an undrawn $200 million five-year senior secured revolver.

The incremental term loan, which was offered at par, will bear the same applicable interest rate at the London Interbank Offered Rate plus 250 basis points and the same maturity date of Oct. 6, 2024, as the existing facility.

The operating unit used the net cash proceeds from the incremental term loan, along with cash on hand, to fully redeem the outstanding senior secured notes issued by subsidiaries Chester Downs and Marina LLC, which owns Harrah's Philadelphia Casino and Racetrack and Chester Downs Finance Corp.