Harrah's chooses PIK option for February interest payments on 10¾% notes, interim loan

By Angela McDaniels

Tacoma, Wash., July 2 - Harrah's Entertainment, Inc. said Harrah's Operating Co., Inc. will pay the interest due in February 2009 on its 10¾% senior toggle notes due 2018 and its senior unsecured interim loan in kind.

The coupon on the notes increases to 11½% when interest is paid in kind.

Harrah's is evaluating opportunities to retire other debt to take advantage of current debt market conditions and to extend the weighted average maturity of its capital structure, according to an 8-K filing with the Securities and Exchange Commission.

Harrah's is a Las Vegas-based provider of branded casino entertainment.

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