| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2024 > News item |
Caesars Entertainment reports 95.81% of 5¾% notes tendered in offer
By Mary-Katherine Stinson
Lexington, Ky., Feb. 1 – Caesars Entertainment, Inc. announced the results of the Jan. 24 cash tender offer by indirect wholly owned subsidiaries Caesars Resort Collection, LLC and CRC Finco, Inc. for any and all of their $989,102,000 outstanding 5¾% senior secured notes due 2025 (Cusip: 12770RAA1, U1231BAA9), according to a press release.
As of the expiration of the offer, $947,614,000, or 95.81%, of the notes had been validly tendered and accepted for purchase, and an additional $5,711,000, or 0.58%, had been tendered under guaranteed delivery procedures.
As previously reported, the purchase price of $1,001.83 per $1,000 principal amount was calculated based on the 3% U.S. Treasury due June 30, 2024 and a fixed spread of 0 basis points. Pricing was set at 2 p.m. ET on Jan. 30.
The company will also pay accrued interest to but excluding the settlement date, which is expected for Feb. 6.
The tender offer expired at 5 p.m. ET on Jan. 31, which was also the withdrawal deadline.
The tender offer was not conditioned on any minimum amount being tendered but is conditioned on new debt financing.
If 90% or more of the outstanding notes are tendered and accepted for purchase, the company intends to redeem any notes that remain following settlement of the tender offer. The redemption price will be equal to the tender offer consideration, plus accrued interest.
On the other hand, if less than 90% of the outstanding notes are tendered and accepted for purchase, the company intends to redeem the remaining notes at par on July 1.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-4087) is the lead dealer manager, and Deutsche Bank Securities, Inc. is the co-dealer manager.
The tender and information agent is D.F. King & Co., Inc. (http://www.dfking.com/Caesars; Caesars@dfking.com; 866 811-1442 and 212 269-5550 for banks and brokers).
Caesars is a casino-entertainment company based in Reno, Nev.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.