Caesars Resort launches $1.79 billion term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Sept. 13 – Caesars Resort Collection LLC launched on Monday with no lender call a $1.787 billion covenant-lite first-lien term loan due July 2025 with price talk of Libor plus 375 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Expected term loan ratings are B1/B+.

Credit Suisse Securities (USA) LLC and JPMorgan Chase Bank are the arrangers on the deal.

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

Proceeds will be used to reprice an existing term loan down from Libor plus 450 bps with a 0% Libor floor.

Caesars is a Las Vegas-based gaming and hospitality company.

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