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Harrah's Operating to launch incremental term loan on Tuesday morning
By Sara Rosenberg and Paul A. Harris
New York, Sept. 21 - Harrah's Operating Co. Inc. is scheduled to hold an investor call on Tuesday at 10 a.m. ET to launch an incremental term loan under the accordion feature of its credit facility, according to a market source.
Bank of America and Citigroup are the joint lead arrangers and joint bookrunners on the deal, and JPMorgan, Credit Suisse and Deutsche Bank are also bookrunners.
The size of the term loan is still to be determined.
Pricing is slated to take place on Tuesday afternoon, the source said.
The term loan matures in October 2016 and is non-callable for two years.
Covenants under the term loan will be similar to those under the existing credit facility.
Proceeds will be used to refinance existing debt and for general corporate purposes.
Harrah's is a Las Vegas-based provider of branded casino entertainment.
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