Hamlet increases price for Harrah's 10% notes tendered after early tender deadline

By Angela McDaniels

Tacoma, Wash., April 30 - Harrah's Operating Co., Inc. investors led by Apollo Global Management, LLC and TPG Capital, LP changed the price in their tender offer for up to $946 million principal amount of Harrah's Operating's 10% second-priority senior secured notes due 2015 and 10% second-priority senior secured notes due 2018, according to a news release.

The investors are carrying out the tender offer through Hamlet Tender, LLC and Hamlet FW LLC.

All holders who tender will receive $370 per $1,000 principal amount of notes and accrued interest.

Before the change, only holders who tendered by the early tender date were slated to receive $370. Holders who tendered after the early tender date but before the offer expiration would have received $340 per $1,000 principal amount of notes.

The early tender date was 5 p.m. ET on April 29, and the offer expiration date is midnight ET on May 13.

Citigroup Global Markets Inc. (800 558-3745 or call collect 212 723-6106) and J.P. Morgan Securities Inc. (800 245-8812 or call collect 212 270-3994) are the dealer managers.

Global Bondholder Services Corp. is the information agent (866 736-2200 or call collect 212 925-1630).

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

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