Harrah's Operating launches consent solicitation for $3.525 billion of notes, convertibles

By Jennifer Chiou

New York, July 8 - Harrah's Operating Co., Inc. said it has begun a consent solicitation relating to $3.525 billion of its notes.

Affected notes include the 8½% senior notes due 2006, 7½% senior notes due 2009, 7% senior notes due 2013, 7 7/8% senior subordinated notes due 2005, 9 3/8% senior subordinated notes due 2007, 8 7/8% senior subordinated notes due 2008, 7 7/8% senior subordinated notes due 2010, 8 1/8% senior subordinated notes due 2011 and the floating-rate contingent convertible senior notes due 2024.

When Harrah's merged with Caesars Entertainment, Inc., which originally issued the notes, it assumed all of Caesars' obligations and indentures governing the notes.

The company is requesting that holders of record as of July 7 consent to amendments allowing Harrah's filings of consolidated annual audited financial statements and other reports for itself and its subsidiaries with the Securities and Exchange Commission to satisfy the requirement for consolidated annual audited financial statements and other reports to the note trustees.

The consent solicitation is conditioned upon the receipt of consents from holders of at least a majority of each and all series of notes and will expire at 5 p.m. ET on July 22, unless extended.

If the necessary consents are received, Harrah's will guarantee the notes.

Deutsche Bank Securities Inc. is the solicitation agent (866 627-0391 or call collect 212 250-2955). Global Bondholder Services Corp. is information agent and tabulation agent (866 470-4200 or banks and brokers call 212 430-3774).

Las Vegas-based Harrah's Entertainment is the world's largest provider of branded casino entertainment.

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