Caesars Entertainment (CZR) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Caesars Entertainment, Inc. has issued $1.5 billion in 6.500% Senior Secured Notes due 2032, with semi-annual interest payments starting August 2024. These funds, alongside others from a new Term B-1 Loan and credit facility borrowings, will be used to manage existing debts and pay related fees. The Notes, guaranteed by substantial subsidiary assets, have redemption options starting 2027 and include covenants restricting the company’s financial activities. Additionally, Caesars has secured a $2.9 billion Term B-1 Loan under its Credit Agreement, with a maturity date in 2031 and a variable interest rate.
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For a comprehensive understanding of the announcement, you can read the full document here.
