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Credit Suisse Agents $200MM Revolver for Caesars

February 21, 2017, 07:46 AM
Filed Under: Bankruptcy

Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc. and its Chapter 11 debtor subsidiaries announced that CEOC has entered into committed financing agreements for proposed new senior secured credit facilities, comprising up to $1,235 million in the aggregate principal amount of a seven-year senior secured term loan facility and up to $200 million in the aggregate principal amount of a five-year senior secured revolving credit facility.

The receipt of this financing commitment is an important milestone toward the resolution of CEOC's restructuring. CEOC's plan of reorganization was confirmed by the Bankruptcy Court in January. Caesars Entertainment and Caesars Acquisition Company separately announced today that they have amended the terms of their previously announced merger, another important milestone in the restructuring process.

Credit Suisse will serve as sole administrative agent and Credit Suisse and Deutsche Bank Securities Inc. will serve as joint lead arrangers for the Senior Facilities.

The proceeds from the Term Facility will be used to finance transactions in accordance with the Debtors' plan of reorganization, including to repay existing indebtedness and to pay related fees and expenses.

The closing of the Senior Facilities is subject to the negotiation and execution of definitive documentation, receipt of regulatory approvals and satisfaction of customary closing conditions.

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