Caesars again extends deadlines in tender offers for 5 5/8%, 10% notes

By Jennifer Chiou

New York, June 4 - Caesars Entertainment Corp. subsidiary Caesars Entertainment Operating Co., Inc. once more extended the deadline of its previously announced cash tender offers to purchase any and all of the outstanding $791,767,000 of its 5 5/8% senior notes due 2015 and any and all of the outstanding $214.8 million of its 10% second-priority senior secured notes due 2015.

The issuer is extending the early tender time and the final offer deadline to 5 p.m. ET on June 16. The prior deadline was at midnight ET at the end of June 3, extended initially from 5 p.m. ET on May 19.

Accordingly, holders who tender their notes before the new deadline will be eligible to receive the total consideration of $1,048.75 for each $1,000 principal amount of 5 5/8% notes and $1,022.50 for each $1,000 principal amount of 10% notes. The total consideration includes a $30.00 early tender payment, as previously announced.

All other terms of the tender offers remain unchanged.

The previously announced withdrawal deadline of 5 p.m. ET on May 19 has passed.

The company said it will also pay accrued interest up to but excluding the payment date.

Among other things, the tender offers are conditioned on the issuer receiving enough proceeds from an incremental term loan to refinance all of its existing debt that matures in 2015, including the 5 5/8% notes and 10% notes.

Affiliate Caesars Growth Partners, which holds $427,319,000 of the 5 5/8% notes, has agreed to reinvest all of the proceeds received from the repurchase of notes held by its subsidiary in the incremental term loan, as previously noted.

The dealer manager is Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106). The information agent is Global Bondholder Services Corp. (212 430-3774 for brokers and banks or 866 470-4500 for others).

Caesars is a casino-entertainment company based in Las Vegas. The offers began on May 6.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.