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Caesars begins tender for up to $1.2 billion of 5¼% notes due 2025
By Marisa Wong
Los Angeles, Sept. 10 – Caesars Entertainment, Inc. announced that indirect wholly owned subsidiaries Caesars Resort Collection, LLC and CRC Finco, Inc. have begun a cash tender offer for up to $1.2 billion of their $1.7 billion outstanding 5¼% senior notes due 2025 (Cusip: 12652AAA1).
The tender offer will expire at midnight ET on Oct. 7.
The companies are offering a total consideration of $1,015 per $1,000 principal amount, which includes an early tender payment of $30 per $1,000 of notes tendered by the early tender deadline at 5 p.m. ET on Sept. 23.
Holders tendering after the early tender deadline will be eligible to receive the late tender offer consideration of $985 per $1,000 principal amount, or the total consideration less the early tender payment.
Holders will also receive accrued interest to but excluding the applicable settlement date.
The issuers reserve the right to accept for purchase early tendered notes on an early settlement date. The issuers will announce whether they intend to exercise the early settlement option after the early tender deadline. The early settlement date is currently expected to be Sept. 24.
If the maximum tender amount is met as of the early tender deadline, no additional notes will be purchased under the tender offer, and there will be no final settlement date.
Tenders may be withdrawn prior to 5 p.m. ET on Sept. 23.
The tender offer is conditioned on Caesars Entertainment completing a debt financing for gross cash proceeds of at least $1 billion.
If the tender offer is not fully subscribed as of the early settlement date, the issuers intend to issue a notice of redemption for an amount of notes equal to $1.2 billion less the amount tendered. The notes would be redeemed on or about Oct. 15 at 101.313 plus accrued interest.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) is the dealer manager for the tender offer.
D.F. King & Co., Inc., (866 207-3626 or 212 269-5550; czr@dfking.com) is the tender agent.
The casino and entertainment company is based in Las Vegas.
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