Caesars accepts $889.28 million early tenders for 5¼% notes due 2025

By Rebecca Melvin

Concord, N.H., Sept. 24 – Caesars Entertainment, Inc. announced early results of a Sept. 10 cash tender offer by its indirect wholly owned subsidiaries Caesars Resort Collection, LLC and CRC Finco, Inc. for up to $1.2 billion of 5¼% senior notes due 2025 (Cusip: 12652AAA1).

As of the early deadline at 5 p.m. ET on Sept. 23, $889,277,000, or 52.31%, of the $1.7 billion outstanding principal amount had been tendered.

The companies will pay a total of $902,616,155 for the early tendered notes, which includes early tender premiums totaling $26,678,310. Accrued interest will also be paid up to the settlement date on Sept. 24.

The total consideration offered was $1,015 per $1,000 principal amount, including an early tender payment of $30 per $1,000 of notes tendered by the early tender deadline.

Holders tendering after the early tender deadline will be eligible to receive the late tender offer consideration of $985 per $1,000 principal amount, along with accrued interest.

The tender expires at midnight ET on Oct. 7.

Because the tender offer was not fully subscribed as of the early settlement date, the issuers intend to issue a notice of redemption for an amount of notes equal to $1.2 billion less the amount tendered. The notes would be redeemed on or about Oct. 15 at 101.313 plus accrued interest.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) is the dealer manager for the tender offer.

D.F. King & Co., Inc., (866 207-3626 or 212 269-5550; czr@dfking.com) is the tender agent.

The casino and entertainment company is based in Las Vegas.

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