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Harrah's Entertainment subsidiaries buy back $787.9 million of notes
By Angela McDaniels
Tacoma, Wash., Aug. 13 - Harrah's Entertainment, Inc. reported the repurchase of $787.9 million principal amount at maturity of notes during the second quarter.
The notes were bought back in open-market purchases for a total of $377.7 million, according to Harrah's Entertainment's 10-Q for the quarter filed with the Securities and Exchange Commission on Thursday.
Harrah's Operating Co., Inc. paid $261 million for $20 million of 5½% senior notes due 2010, $17 million of 7 7/8% senior subordinated notes due 2010, $18 million of 8% senior notes due 2011, $49.7 million of 8 1/8% senior subordinated notes due 2011, $87.2 million of 5 3/8% senior notes due 2013 and $265 million of 10¾% senior notes due 2016.
Harrah's Entertainment said that another of its subsidiaries paid $116.7 million for $138 million of its 5 5/8% senior notes due 2015, $24 million of 6½% senior notes due 2016 and $169 million of 5¾% senior notes due 2017.
The gains on the early extinguishments of notes totaled $4.3 billion for the six months ended June 30. The company said it recognized a deferred tax liability of approximately $1.7 billion related to the gains.
Harrah's Entertainment, Inc. is a Las Vegas-based casino company.
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