Harrah's pays interest in kind on 10¾%/11½% notes, loan

By Susanna Moon

Chicago, March 17 - Harrah's Entertainment, Inc. subsidiary Harrah's Operating Co., Inc. paid interest in-kind on its 10¾%/11½% in-kind senior toggle notes due 2018 and senior unsecured interim loan agreement on Jan. 28 and Feb. 1, according to a 10-K filing with the Securities and Exchange Commission.

The company said it made a similar election in January to pay the interest due Aug. 1 in kind for the 10¾%/11½% notes due 2018 and in March to pay the interest due April 28 on the loan in kind.

Harrah's said it intends to use the cash savings generated by this election for general corporate purposes, including the early retirement of other debt.

Harrah's Entertainment is a Las Vegas-based casino company.

© 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.