Caesars Growth cuts pricing on incremental term loan, repricing

By Sara Rosenberg

New York, April 21 – Caesars Growth Properties Holdings LLC reduced pricing on its $175 million incremental first-lien term loan due May 2021 and repricing of its $1,143,000,000 term loan due May 2021 to Libor plus 300 basis points from Libor plus 325 bps and added a 25 bps leverage-based step-down, according to a market source.

Also, the issue price on the incremental loan and repricing firmed at par, the tight end of the 99.75 to par talk, the source said.

As before, the term loan debt has a 1% Libor floor, 101 soft call protection for six months and a maximum first-lien net leverage covenant.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds from the incremental loan will be used to refinance the Cromwell term loan, and the repricing will take the existing term loan down from Libor plus 525 bps with a 1% Libor floor.

Recommitments were scheduled to be due at 1 p.m. ET on Friday, the source added.

Caesars Growth is a Las Vegas-based casino properties owner.

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