LA VEGAS and RENO, Nev., October 5, 2022 /PRNewswire/ — Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) today announced the closure of new $3 billion senior secured credit facilities comprised of a new $750 million senior secured term loan (the “Term Loan A”) and a new $2.25 billion senior secured revolving credit facility (the “Revolving Credit Facility” and, together with Term Loan A, the “Senior Credit Facilities”) resulting from an increase and extension of the Credit Facility Caesars existing renewable. Concurrent with the closing of the senior credit facilities, Caesars withdrew Caesars Resort Collection, LLC’s existing revolving credit facility (“CRC”) and used the proceeds of Term Loan A to prepay $750 million existing CRC Term Loans B due December 2024.
The interest rate under the Senior Credit Facilities is the forward-looking forward rate based on the guaranteed overnight funding rate (Term SOFR) plus an adjustment of 10 basis points plus an applicable margin of 225 basis points, which applicable margin is subject to three 25 basis point reductions based on the achievement of certain total net leverage ratios.
Bret YunkerChief Financial Officer of Caesars Entertainment, Inc., said, “We are delighted to close this new financing and greatly appreciate the support of our 16 domestic and international banking partners. This refinancing operation will reduce interest charges while extending debt maturities.
Latham & Watkins, LLP served as legal counsel to Caesars and JPMorgan Chase Bank, NA will continue to act as administrative agent.
About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino entertainment company in the United States and one of the most diverse casino entertainment providers in the world. Since its beginnings in Reno, Nevadain 1937, Caesars Entertainment, Inc. has grown through the development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.’s resorts mainly operate under the Caesars®, Harrah’s®, Horseshoe® and Eldorado® brand names. Caesars Entertainment, Inc. offers diverse gaming, entertainment and hospitality amenities, unique destinations and a full suite of mobile and online gaming and sports betting experiences. All linked to its industry leader Caesars Rewards loyalty program, the company is focused on creating value with its customers through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. Know when to quit before you start.® Trouble gambling? Dial 1-800-522-4700. For more information, please visit. www.caesars.com/company.
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by the use of the words “will”, “anticipate”, “assume”, “believe”, “estimate”, “expect”, “guide”, “intend”, “plans,” “projects,” and similar expressions that do not relate to historical matters. Forward-looking statements include all statements other than statements of historical fact. You should exercise caution when interpreting and relying on statements forward-looking because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the control of Caesars and which could materially affect actual results, performance or achievements.Although Caesars believes that ‘in making such forward-looking statements, its expectations are based on reasonable assumptions, there can be no assurance that its expectations will be achieved, and such forward-looking statements may be influenced by factors that could cause actual results to differ materially from those projected. Caesars cannot assure you that the assumptions on which these statements are based will prove to be correct. The risks and uncertainties regarding the forward-looking statements contained herein include, but are not limited to, the risks that are detailed from time to time in Caesars’ filings with the Securities and Exchange Commission. Caesars undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Caesars Entertainment, Inc.