Caesars greenshoe exercised, raising convertibles to $375 million

New York, April 13 - Caesars Entertainment Inc. said the underwriters of its recent offering of floating-rate contingent convertible senior notes due 2024 exercised the $75 million over-allotment option in full, raising the size of the deal to $375 million.

The Las Vegas gaming company originally priced $300 million of the securities after the market closed on March 30 to yield three-month Libor flat with a 70% initial conversion premium.

Deutsche Bank Securities and JPMorgan were joint bookrunners for the Rule 144A deal.

Caesars Entertainment will use proceeds from the additional notes to repay bank debt, as with proceeds from the amount originally issued.

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