Colony Capital gets commitment letter for $950 million debt financing from Deutsche

By Sara Rosenberg

New York, Sept. 28 - Colony Capital LLC has received a commitment letter from Deutsche Bank for a minimum of $950 million in debt financing to help fund the acquisition of four casinos - two properties from Harrah's Entertainment Inc. and two properties from Caesars Entertainment Inc., according to an 8-K filed by Harrah's on Monday.

However, details on the financing, such as whether there will be bank loans and bonds, are unavailable at this time since the deal "won't be in the market for a while," a market source told Prospect News.

And, a spokesman for Colony Capital took a "no comment" stance on the debt financing since it is "still pretty early in the process."

Colony will acquire Harrah's East Chicago and Harrah's Tunica for about $627 million and Caesars' Atlantic City Hilton and Bally's Tunica for approximately $612 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.