Caesars Resort talks $4.7 billion term loan at Libor plus 250-275 bps

By Sara Rosenberg

New York, Sept. 19 – Caesars Resort Collection LLC launched on Tuesday its $4.7 billion seven-year covenant-light first-lien term loan with price talk of Libor plus 250 basis points to 275 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

The company’s $5.7 billion of credit facilities (Ba3/BB) also include a $1 billion revolver.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments are due at 5 p.m. ET on Sept. 28.

Proceeds will be used to finance the combination of Caesars Growth Properties Holdings LLC and Caesars Entertainment Resort Properties LLC, including a refinancing of debt at both entities.

Caesars Resort is an owner of a collection of casino properties.

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