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CEOC Credit Facility Priced

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Caesars Entertainment Corporation (CEC) and Caesars Entertainment Operating Company (CEOC) announced the pricing of $1.435 billion of senior secured credit facilities for CEOC, consisting of a $1.235 billion seven-year senior secured term loan facility (the “Term Facility”) and a $200 million five-year senior secured revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Senior Facilities”).

The Term Facility was oversubscribed. The interest rate under the new Term Facility is equal to either, at CEOC’s option, (a) the London Interbank Offered Rate (LIBOR) plus 250 basis points with no LIBOR floor or (b) the adjusted base rate plus 150 basis points, and the Term Facility will be issued at 99.5% of par. Mark Frissora, CEC’s president and C.E.O., comments, “Pricing of the Senior Facilities is another important milestone in the process to complete CEOC’s restructuring. The closing of the Senior Facilities is anticipated to occur in connection with CEOC’s emergence from bankruptcy in the summer of 2017, subject to the negotiation and execution of definitive documentation, receipt of all required regulatory approvals and satisfaction of other customary closing conditions.”

Proceeds from the Term Facility will be used to finance transactions in connection with CEOC’s emergence from bankruptcy in accordance with CEOC’s Third Amended Joint Plan of Reorganization [Modified], including to repay existing indebtedness and pay related fees and expenses.

Read more CEOC bankruptcy news.

The post CEOC Credit Facility Priced appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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