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Caesars Entertainment to launch $3.27 billion facility on Thursday
By Sara Rosenberg
New York, Sept. 18 - Caesars Entertainment Resort Properties is scheduled to hold a bank meeting at 2 p.m. ET in New York on Thursday to launch a $3,269,500,000 senior secured credit facility, sources said.
Citigroup Global Markets Inc. is the left lead bank on the deal.
The facility consists of a $3 billion term loan and a $269.5 million revolver, according to an 8-K filed with the Securities and Exchange Commission.
Proceeds will be used to help refinance about $4.4 billion of CMBS debt and the $450 million senior secured credit facility entered into by Octavius Linq Holding Co. LLC, an indirect subsidiary of Caesars.
As part of the refinancing, the company also plans on selling $500 million of first-lien notes and $1.35 billion of second-lien notes, the filing added.
Concurrently with the closing of the new financing, Caesars intends to transfer the equity interests in the subsidiaries of Octavius/Linq Holdings that own the assets comprising Octavius Tower at Caesars Palace Las Vegas and Project Linq to Rio Properties, LLC, an indirect subsidiary of Caesars, which will be a borrower and issuer under the new financing.
Caesars is a Las Vegas-based diversified casino-entertainment company.
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