Caesars talks $1.25 billion eight-year notes with 8½% area yield

By Paul A. Harris

Portland, Ore., Feb. 8 - Caesars Entertainment talked its $1.25 billion offering of eight-year senior notes (B2/B/B) with a yield in the 8½% area on Wednesday, according to market sources.

That talk came at the tight end of the initial guidance of 8½% to 8¾%.

The deal is set to price on Thursday.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC are the joint bookrunners.

The notes will be distributed according to the provisions of Rule 144A and Regulation S with contingent registration rights and come with four years of call protection.

The issuing entities will be Caesars Operating Escrow LLC and Caesars Escrow Corp., subsidiaries of the Las Vegas-based gaming and entertainment company.

Proceeds from the notes will be used to repay bank debt and for general corporate purposes.

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