CAESARS ENTERTAINMENT CORPORATION (NASDAQ:CZR) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On December18, 2017, CEOC, LLC (“CEOC”), a wholly owned subsidiary of Caesars Entertainment Corporation, completed the previously announced $265million incremental term loan facility (the “Incremental Term Loan”) under CEOC’s existing Credit Agreement, dated as of October6, 2017 (the “CEOC Credit Agreement”), among CEOC, Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and the lenders party thereto. The Incremental Term Loan is structured as an add-on to CEOC’s existing $1.435billion of senior secured credit facilities, which prior to giving effect to the Incremental Term Loan consisted of a $1.235billion seven-year senior secured term loan facility and a $200million five-year senior secured revolving credit facility. The Incremental Term Loan was offered at par and has the same terms as the existing term loans outstanding under the CEOC Credit Agreement, including the same applicable interest rate at the London Interbank Offered Rate (“LIBOR”) plus 250 basis points and the same October6, 2024 maturity date.
On December18, 2017, CEOC used the net cash proceeds from the Incremental Term Loan together with cash on hand to redeem all of the outstanding $330,000,000 aggregate principal amount of 9.25% Senior Secured Notes due 2020 of CEOC’s subsidiaries Chester Downs and Marina, LLC (“Chester Downs”) and Chester Downs Finance Corp. at a price equal to 102.313% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of redemption.
A copy of the press release regarding these transactions is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 1.01. | Financial Statements and Exhibits. |
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| 99.1 | Press Release. |
EXHIBIT INDEX
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| 99.1 | Press Release. |
CAESARS ENTERTAINMENT Corp ExhibitEX-99.1 2 d449279dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Contacts: Media Investors Stephen Cohen Joyce Arpin (212) 886-9332 (702) 880-4707 Caesars Entertainment Announces Completion of $265 Million Add-On Term Loan Facility and Redemption of Chester Downs Notes LAS VEGAS,…To view the full exhibit click here
About CAESARS ENTERTAINMENT CORPORATION (NASDAQ:CZR)
Caesars Entertainment Corporation (Caesars) is a holding company. The Company offers casino-entertainment and hospitality services. It operates through three segments: Caesars Entertainment Resort Properties (CERP), Caesars Growth Partners Casino Properties and Developments (CGP Casinos) and Caesars Interactive Entertainment, Inc. (CIE). The Company’s facilities include gaming offerings, food and beverage outlets, hotel and convention space, and non-gaming entertainment options. In addition to its brick and mortar assets, it operates an online gaming business that provides social and mobile games offerings that utilize virtual currency, as well as real money games in certain jurisdictions. The Company owns CERP and an interest in Caesars Growth Partners, LLC (CGP). Through its consolidated entities, it owns and operates approximately 10 casinos in the United States, with over one million square feet of gaming space and over 23,000 hotel rooms.
