Harrah's again lowers conversion price for floating-rate convertibles

By Angela McDaniels

Seattle, Nov. 10 - Harrah's Operating Co., Inc. said it adjusted the conversion price for its $375 million floating-rate contingent convertible senior notes due 2024 to $66.47 from $66.83.

The adjustment was made according to the terms of the note as a result of the $0.40 cash dividend per share of Harrah's Entertainment Inc. common stock, which was declared on Oct. 19.

The conversion price was originally set at $68.31 and has been lowered three times, most recently to $66.83 from $67.28 in August.

Harrah's Operating is a subsidiary of Harrah's Entertainment, a gaming company based in Las Vegas.

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