LAS VEGAS, Feb. 21, 2017 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) ("Caesars
Entertainment") and Caesars Entertainment Operating Company, Inc.
("CEOC") and its Chapter 11 debtor subsidiaries (collectively, the
"Debtors") today announced that CEOC has entered into committed
financing agreements for proposed new senior secured credit
facilities, comprising up to $1,235
million in the aggregate principal amount of a seven-year
senior secured term loan facility (the "Term Facility") and up to
$200 million in the aggregate
principal amount of a five-year senior secured revolving credit
facility (together with the Term Facility, the "Senior
Facilities").
The receipt of this financing commitment is an important
milestone toward the resolution of CEOC's restructuring. CEOC's
plan of reorganization was confirmed by the Bankruptcy Court in
January. Caesars Entertainment and Caesars Acquisition Company
separately announced today that they have amended the terms of
their previously announced merger, another important milestone in
the restructuring process.
Credit Suisse will serve as sole administrative agent and Credit
Suisse and Deutsche Bank Securities Inc. will serve as joint lead
arrangers for the Senior Facilities.
The proceeds from the Term Facility will be used to finance
transactions in accordance with the Debtors' plan of
reorganization, including to repay existing indebtedness and to pay
related fees and expenses.
The closing of the Senior Facilities is subject to the
negotiation and execution of definitive documentation, receipt of
regulatory approvals and satisfaction of customary closing
conditions.
About Caesars Entertainment Corporation
Caesars Entertainment Corporation ("CEC") is the world's most
diversified casino-entertainment provider and the most
geographically diverse U.S. casino-entertainment company. CEC is
mainly comprised of the following three entities: the majority
owned operating subsidiary CEOC, wholly owned Caesars Entertainment
Resort Properties and Caesars Growth Properties, in which we hold a
variable economic interest. Since its beginning in Reno, Nevada, 75 years ago, CEC has grown
through development of new resorts, expansions and acquisitions and
its portfolio of subsidiaries now operate 47 casinos in 13 U.S.
states and five countries. CEC's resorts operate primarily under
the Caesars®, Harrah's® and Horseshoe® brand names. CEC's portfolio
also includes the London Clubs International family of casinos. CEC
is focused on building loyalty and value with its guests through a
unique combination of great service, excellent products,
unsurpassed distribution, operational excellence and technology
leadership. CEC is committed to environmental sustainability and
energy conservation and recognizes the importance of being a
responsible steward of the environment. For more information,
please visit www.caesars.com.
Forward Looking Statement
This filing includes "forward-looking statements" intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. You can identify
these statements by the fact that they do not relate strictly to
historical or current facts. These statements contain words such
as, "will", "would", "expect", and "propose" or the negative or
other variations thereof or comparable terminology. In particular,
they include statements relating to, among other things, CEOC's
emergence and expected timing thereof, future actions that may be
taken by CEC and others with respect thereto, the completion of the
merger with Caesars Acquisition Company and the financial position
and actions of CEC post-emergence. These forward-looking statements
are based on current expectations and projections about future
events.
You are cautioned that forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties that cannot be predicted or quantified and,
consequently, the actual performance of CEC may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, but are not limited to, the
following factors, as well as other factors described from time to
time in our reports filed with the Securities and Exchange
Commission: CEC's and CEOC's ability (or inability) to meet any
milestones or other conditions set forth in their restructuring
support agreements, CEC's and CEOC's ability (or inability) to
satisfy the conditions to closing of the Senior Facilities or the
effectiveness of the Third Amended Joint Plan of Reorganization of
CEOC and its Chapter 11 debtor subsidiaries, CEC's ability (or
inability) to secure additional liquidity to meet its ongoing
obligations and its commitments to support the CEOC restructuring
as necessary, CEC's financial obligations exceeding or becoming due
earlier than what is currently forecast and other risks associated
with the CEOC restructuring and related litigation.
You are cautioned to not place undue reliance on these
forward-looking statements, which speak only as of the date of this
filing. CEC undertakes no obligation to publicly update or release
any revisions to these forward-looking statements to reflect events
or circumstances after the date of this filing or to reflect the
occurrence of unanticipated events, except as required by law.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/caesars-entertainment-operating-company-enters-into-committed-financing-agreements-300410484.html
SOURCE Caesars Entertainment