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Caesars extends offers for 5 5/8%, 10% notes, this time until July 25
By Marisa Wong
Madison, Wis., July 8 – Caesars Entertainment Corp. subsidiary Caesars Entertainment Operating Co., Inc. further extended the cash tender offers for its $791,767,000 of 5 5/8% senior notes due 2015 and its $214.8 million of 10% second-priority senior secured notes due 2015.
The offers will now end at 5 p.m. ET on July 25 instead of 5 p.m. ET on July 7, according to a press release. Before that, the deadline was 5 p.m. ET on June 27, extended from 5 p.m. ET on June 16, from midnight ET at the end of June 3 and from 5 p.m. ET on May 19. The offers began on May 6.
All other terms of the tender offers remain unchanged.
Holders who tender their notes will receive the total purchase price 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. Each total payment includes a $30.00 early tender payment, regardless of when the notes are tendered.
The company said it will also pay accrued interest up to but excluding the payment date.
Tendered notes may no longer be withdrawn as of the original early tender deadline, 5 p.m. ET on May 19.
The tender offers are conditioned on the issuer receiving enough proceeds from an incremental term loan to refinance all of its 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.
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