Las Vegas When RENO, Nev., January 25, 2023 /PRNewswire/ — Caesars Entertainment, Inc. (NASDAQ: CZR) (“Company” or “Caesars”) today announced pricing for a new, previously announced Senior Secured Term Loan (“New Term B Loan”). bottom. Occurred as an additional term loan facility under a credit agreement governing an existing senior secured credit facility.The total principal amount of the new B term loan is $2.5 billion from previously announced $1.75 billion.
The Company has stated that the interest rate on the new Term B loan will be a future term rate based on the Overnight Secured Financing Rate (“Term SOFR”) adjusted by 10 basis points, subject to a floor of 50 basis points. I expect. Plus an applicable margin of 325 basis points. This applied margin is subject to a one step down of 25 basis points based on achieving a net total leverage ratio of 3.75 to 1.00. The new Term B loan will be issued at an issue price equal to 99% of the principal amount, February 2030.
Our company $2.5 billion New Term B Loans and Our Previously Announced Net Proceeds $2 billion Using 7.000% aggregate principal amount Senior Secured Notes due 2030 (“New Secured Notes”), $3.4 billion Outstanding Term B loans due 2024 and billion dollars The outstanding term B-1 loan due 2025 of Caesars Resort Collection, LLC (“CRC”), our wholly-owned subsidiary, and all accrued interest thereon, and any remaining income therefrom, will be made available for general corporate use. used by companies to Purpose.
Offerings of new Term B loans and new secured notes are expected to close around the 15th. February 6, 2023subject to customary conditions of termination, including finalization and execution of definitive documents.
Forward-Looking Statements
This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our strategy, goals and plans for future development or acquisition of assets or businesses, as well as statements regarding expectations, future performance, trends and other information that is not historical information. . As used in this report, “expect”, “believe”, “plan”, “plan”, “intend”, “expect”, “could”, “could” Terms or phrases such as , “estimate,” “likely,” “should,” “would,” “likely to continue,” and variations of such words or similar expressions is intended to identify forward-looking statements. Specifically, forward-looking statements include, among other things, statements regarding the finalization and execution of the final documentation of the New Term B Loan, the completion of the offering of the New Secured Notes, or the anticipated use of the proceeds thereof. may be All such statements are subject to risks, uncertainties and changes in circumstances that may materially affect our future results and business (“we”, “us”, “our” or other similar terms).
Forward-looking statements are based on the underlying assumptions as of the date such statements are made, including those referenced in particular statements. Such assumptions are based on internal estimates and analysis of market conditions and trends, business plans and strategies, economic conditions and other factors. Such forward-looking statements are only predictions and are subject to known and unknown risks and uncertainties. Many of them are beyond our control and are subject to change. Forward-looking statements by their nature involve risks and uncertainties as they relate to events and depend on future conditions that may not occur. Actual results and trends may differ materially from any future results, trends, performance or achievements expressed or implied by such statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statements. Forward-looking statements should not be construed as representations by us or any other person that the forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements. Some of the contingencies and uncertainties covered by the forward-looking statements contained herein include, but are not limited to: (a) COVID-19, inflation, fuel; The impact of rising prices, supply chain shortages, and labor shortages; and other economic and market conditions, including changes in consumer discretionary spending due to such factors, on our business, financial results, and liquidity. . (b) our ability to successfully operate our digital betting and iGaming platforms and to grow their user base; (c) risks associated with our leverage and our ability to reduce our leverage; (d) the impact of competition on our business and operating results, including new competition in certain markets; (e) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q and most recent reports on Form 8-K filed with the Securities and Exchange Commission;
In light of these and other risks, uncertainties and assumptions, the forward-looking events described in this press release may not occur. These forward-looking statements speak only as of the date of this press release and, if subsequently made available on our website or otherwise, may occur after that date. We do not intend to publicly update any forward-looking statements to reflect any circumstances or circumstances. Statements are made except where required by law.
View original content and download multimedia: https://www.prnewswire.com/news-releases/caesars-entertainment-inc-announces-pricing-of-new-2-5-billion-senior-secured- term-loan-facility-and-expected-repayment-of-all-outstanding-crc-term-b-loans-due-2024-and-term-b-1-loans-due-2025–301731025.html
Source Caesars Entertainment, Inc.
