Caesars Entertainment to launch $1.4 billion credit facility Tuesday

By Sara Rosenberg

New York, March 20 – Caesars Entertainment Operating Co. LLC is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch its $1,435,000,000 senior secured credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and UBS Investment Bank are the leads on the deal.

The facility consists of a $200 million five-year revolver and a $1,235,000,000 seven-year covenant-light term loan B.

Included in the term loan B is 101 soft call protection for six months, the source said.

Proceeds will be used for exit financing, including to repay existing debt and to pay related fees and expenses.

Commitments are due at 5 p.m. ET on April 4, the source added.

Caesars is a Las Vegas-based casino-entertainment company that filed for bankruptcy on Jan. 15, 2015 in the U.S. Bankruptcy Court for the Northern District of Illinois. The Chapter 11 case number is 15-01145.

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