Caesars Resort to launch $1.47 billion term loan on Wednesday

By Sara Rosenberg

New York, June 16 – Caesars Resort Collection LLC is scheduled to hold a lender call at 10:30 a.m. ET on Wednesday to launch a $1.47 billion five-year covenant-lite first-lien term loan, according to a market source.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Macquarie Capital (USA) Inc., BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, SunTrust Robinson Humphrey Inc., U.S. Bank and Citizens Bank are the lead arrangers on the deal.

Commitments are due at noon ET on June 24, the source added.

Proceeds will be used to help fund the acquisition of Caesars Entertainment Corp. by Eldorado Resorts Inc.

Under the agreement, Eldorado will acquire all of the outstanding shares of Caesars for $8.40 per share in cash consideration and 0.0899 of a share of Eldorado common stock for each Caesars share of common stock.

Closing is expected in mid-2020.

Caesars is a Las Vegas-based gaming and entertainment company. Eldorado is a Reno, Nev.-based gaming company. Upon completion of the transaction the combined company will retain the Caesars name and be based in Reno.

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