Hamlet tenders for Harrah's Operating's 10% second-lien notes

By Jennifer Chiou

New York, March 5 - Hamlet Tender, LLC and Hamlet FW LLC, together with investment vehicles of affiliates of Apollo Global Management LLC and TPG Capital LP, announced the start of a $250 million cash tender offer for up to $676 million of Harrah's Operating Co., Inc.'s 10% second-priority senior secured notes due 2015 and 10% second-priority senior secured notes due 2018.

Hamlet was formed by and is controlled by affiliates of Apollo and TPG.

The investors are offering to purchase the notes for $370 per $1,000 principal amount for those who tender by 5 p.m. ET on April 17 and for $340 for notes tendered after the early deadline and before midnight ET on May 1.

According to a news release, immediately upon settlement of the previously announced exchange offers by Harrah's Operating and the previously announced tender offers by Harrah's BC, Inc., the investors will amend the tender to include the new 10% second-priority senior secured notes due 2018.

There is no minimum tender condition, but the maximum amount of notes that may be accepted is $676 million.

Holders who tender will also receive accrued interest to, but not including, the payment date.

Citigroup Global Markets Inc. (800 558-3745 or call collect 212 723-6106) and J.P. Morgan Securities Inc. (800 245-8812 or call collect 212 270-3994) are the dealer managers. Global Bondholder Services Corp. is the information agent (866 736-2200 or call collect 212 925-1630).

Parent Harrah's Entertainment, Inc. is a Las Vegas-based casino company.

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