LAS VEGAS, April 16, 2018 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment")
today announced that CEOC, LLC ("CEOC") has successfully repriced
its approximately $1.50 billion
senior secured term loan facility (the "Term Facility"). CEOC
is a wholly owned subsidiary of Caesars Entertainment.
The interest rate under the Term Facility is the London
Interbank Offered Rate ("LIBOR") plus 200 basis points. This
represents a reduction of 50 basis points.
"Following substantial improvements to our balance sheet last
year, the CEOC repricing lowers CEOC's overall cost of capital,
which will provide financial flexibility and benefits to the
enterprise," said Mark Frissora,
President and Chief Executive Officer of Caesars Entertainment.
The closing of the CEOC repricing transaction is anticipated to
occur today.
About Caesars Entertainment Corporation
Caesars Entertainment is the world's most diversified
casino-entertainment provider and the most geographically diverse
U.S. casino-entertainment company. Caesars Entertainment is
mainly comprised of two wholly owned operating subsidiaries: CEOC,
LLC and Caesars Resort Collection, LLC. Since its beginning in
Reno, Nevada, in 1937, Caesars
Entertainment 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.
Caesars Entertainment's resorts operate primarily under the
Caesars®, Harrah's® and Horseshoe® brand names. Caesars
Entertainment's portfolio also includes the Caesars Entertainment
UK family of casinos. Caesars Entertainment 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.
Caesars Entertainment 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 Statements
This release 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 and by the use of words
such as "will" or "anticipated," or the negative or other
variations thereof or comparable terminology. In particular,
they include statements relating to, among other things, the
closing of the repricing transaction. 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 and results of Caesars
Entertainment may differ materially from those expressed or implied
by such forward-looking statements. Such risks and
uncertainties include, but are not limited to, Caesars
Entertainment's ability to negotiate definitive documentation and
satisfy customary closing conditions relating to the repricing
transaction, and may include other factors described from time to
time in our reports filed with the SEC.
You are cautioned to not place undue reliance on these
forward-looking statements, which speak only as of the date of this
document. Caesars Entertainment 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 document or to reflect the occurrence of unanticipated events,
except as required by law.
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SOURCE Caesars Entertainment