Las Vegas When RENO, Nev., October 5, 2022 /PRNewswire/ — Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) today announced a new $3 billion Senior Secured Credit Facility $750 million Senior Secured Term Loans (“Term A Loans”) and New $2.25 billion Caesars increased and extended its existing Revolving Credit Facility with the addition of a Senior Collateralized Revolving Credit Facility (the “Revolving Credit Facility” and together with the Term A Loan the “Senior Credit Facility”). Concurrently with the closure of the Senior Credit Facility, Caesars retired Caesars Resorts Collection LLC’s (“CRC”) existing Revolving Credit Facility and used proceeds from the Term A Loan to prepay. $750 million Expiration of CRC’s Existing Term B Loans December 2024.
The interest rate under the Senior Credit Facility is the future term rate of the Overnight Secured Financing Rate (Term SOFR) plus an adjustment of 10 basis points and an applicable margin of 225 basis points. Basis point step down based on achieving a specified net total leverage ratio.
Brett JunkerCaesars Entertainment, Inc. Chief Financial Officer commented:
Latham & Watkins, LLP is acting as legal counsel to Caesars and JPMorgan Chase Bank, NA will continue to act as managing agent.
About Caesars Entertainment
Caesars Entertainment Co., Ltd. (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 starting with Reno, Nevada1937, Caesars Entertainment, Inc. has grown through the development, expansion and acquisition of new resorts. Caesars Entertainment Co., Ltd.s Resorts are mainly Caesars®, Harrah’s®, Horseshoe®, and Eldorado® brand name. Caesars Entertainment, Inc. offers a wide variety of games, entertainment, hospitality amenities, one-of-a-kind destinations, and a complete suite of mobile and online games and sports betting.All tied together to lead the industry Caesars A rewards loyalty program, the company is focused on building value with its customers through a unique combination of impeccable service, operational excellence and technology leadership. Caesars engages employees, suppliers, communities and the environment through the PEOPLE PLANET PLAY framework. Know when to stop before you start. ® Having a gambling problem? Call 1-800-522-4700. Learn more about. www.Caesars.Com/ companies.
This press release contains forward-looking statements within the meaning of federal securities laws. These statements are historical items such as “will”, “anticipate”, “assume”, “believe”, “estimate”, “expect”, “guidance”, “intention”, “plan”, “project”, etc. irrelevant expressions. Forward-looking statements include all statements other than statements of historical fact. Forward-looking statements involve known and unknown risks, uncertainties and, in some cases, other factors beyond the control of Caesars, which could materially affect our actual results, performance or achievements. caution should be exercised in interpreting and relying on these statements. In making such forward-looking statements, Caesars believes its expectations are based on reasonable assumptions; Statements may be affected by actual results and factors that may cause them. Much different than expected. Caesars cannot warrant that the assumptions underlying these statements will prove correct. Risks and uncertainties associated with forward-looking statements contained herein include, but are not limited to, the risks detailed from time to time in Caesars’ filings with the U.S. Securities and Exchange Commission. Caesars undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Source Caesars Entertainment, Inc.