Caesars Entertainment Resort flexes term loan to Libor plus 350 bps

By Sara Rosenberg

New York, May 5 – Caesars Entertainment Resort Properties LLC reduced pricing on its $2,419,000,000 senior secured first-lien term loan (B1/CCC+) due October 2020 to Libor plus 350 basis points from talk of Libor plus 375 bps to 400 bps, according to a market source.

As before, the term loan has a 1% Libor floor, a par issue price, 101 soft call protection for six months, and amortization of 1% per annum through September 2018, then 2.5% per annum from the quarter beginning October 2018 through the quarter ending September 2019, and 5% per annum thereafter.

Citigroup Global Markets Inc. is the lead on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 600 bps with a 1% Libor floor.

Recommitments were scheduled to be due at 5 p.m. ET on Friday, the source said.

Caesars Entertainment Resort, a wholly owned subsidiary of Caesars Entertainment Corp., is a Las Vegas-based owner of casinos.

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