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Caesars Leisure, Inc. Publicizes Pricing of New $2.5 Billion Senior Secured Time period Mortgage Facility and Anticipated Reimbursement of All Excellent CRC Time period B Loans due 2024 and Time period B-1 Loans due 2025

LAS VEGAS and RENO, Nev., Jan 25, 2023 /PRNewswire/ — Caesars Leisure, Inc. (NASDAQ: CZR) (the “Firm” or “Caesars”) right now introduced the pricing of its beforehand introduced new senior secured time period mortgage facility (the “New Time period B Mortgage”) to be incurred as an incremental time period mortgage facility below the credit score settlement that governs its present senior secured credit score services. The mixture principal quantity of the New Time period B Mortgage was elevated to $2.5 billion from the beforehand introduced $1.75 billion.

(PRNewsfoto/Caesars Leisure Inc.)

The Firm expects the rate of interest below the New Time period B Mortgage to be the forward-looking time period price primarily based on the secured in a single day financing price (“Time period SOFR”) plus an adjustment of 10 foundation factors, topic to a flooring of fifty foundation factors, plus an relevant margin of 325 foundation factors, which relevant margin is topic to at least one 25 foundation level step-down primarily based on the achievement of a web complete leverage ratio of three.75 to 1.00. The New Time period B Mortgage is anticipated to be issued at a problem value equal to 99% of the principal quantity and to mature in February 2030.

The Firm intends to use the online proceeds of the $2.5 billion New Time period B Mortgage and the online proceeds of the Firm’s beforehand introduced $2.0 billion mixture principal quantity 7.000% Senior Secured Notes due 2030 (the “New Secured Notes”) to repay all the $3.4 billion Excellent Time period B Loans due 2024 and the $1.0 billion excellent Time period B-1 Loans due 2025 of Caesars Resort Assortment, LLC, a wholly-owned subsidiary of the Firm (“CRC”), along with all accrued curiosity thereon, and any remaining proceedings therefrom will probably be utilized by the Firm for common company functions.

The New Time period B Mortgage and the providing of the New Secured Notes are anticipated to shut on or about February 6, 2023topic to customary closing circumstances, together with the completion and execution of definitive documentation.

Ahead-looking Statements

This announcement contains “forward-looking statements” throughout the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended. Ahead-looking statements embrace statements relating to our methods, targets and plans for future growth or acquisitions of properties or operations, in addition to expectations, future working outcomes, traits and different data that isn’t historic data. When used on this report, the phrases or phrases similar to “anticipates,” “believes,” “initiatives,” “plans,” “intends,” “expects,” “may,” “might,” “estimates,” “might ,” “ought to,” “would,” “will doubtless proceed,” and variations of such phrases or related expressions are supposed to determine forward-looking statements. Particularly, forward-looking statements might embrace, amongst others, statements in regards to the finalization and execution of definitive documentation for the New Time period B Mortgage, the consummation of the providing of the New Secured Notes or the anticipated use of proceeds thereof. Such statements are all topic to dangers, uncertainties and modifications in circumstances that might considerably have an effect on the long run outcomes and enterprise of the Firm (“we,” “us,” “our” or different related phrases).

Any forward-looking statements are primarily based upon underlying assumptions, together with any assumptions talked about with the precise statements, as of the date such statements had been made. Such assumptions are in flip primarily based upon inside estimates and analyzes of market circumstances and traits, administration plans and methods, financial circumstances and different elements. Such forward-looking statements are solely predictions and contain recognized and unknown dangers and uncertainties, lots of that are past our management, and are topic to vary. By their nature, forward-looking statements contain dangers and uncertainties as a result of they relate to occasions and rely on future circumstances that won’t happen. Precise outcomes and traits might differ materially from any future outcomes, traits, efficiency or achievements expressed or implied by such statements. Ahead-looking statements converse solely as of the date they’re made, and we assume no obligation to replace forward-looking statements. Ahead-looking statements shouldn’t be thought to be a illustration by us or some other person who the forward-looking statements will probably be achieved. Due reliance shouldn’t be positioned on any forward-looking statements. Among the contingencies and uncertainties to which any forward-looking assertion contained herein are topic to incorporate, however are usually not restricted to, the next: (a) the consequences of COVID-19, inflation, elevated gas costs, provide chain shortages, labor shortages and different financial and market circumstances, together with modifications in client discretionary spending from such elements, on our enterprise, monetary outcomes and liquidity; (b) our capacity to efficiently function our digital betting and iGaming platform and develop its person base; (c) dangers related to our leverage and our capacity to scale back our leverage; (d) the consequences of competitors, together with new competitors in sure of our markets, on our enterprise and outcomes of operations; and (e) extra elements mentioned within the sections entitled “Threat Components” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” within the Firm’s most up-to-date Annual Report on Type 10-Okay, Quarterly Stories on Type 10-Q and Present Stories on Type 8-Okay as filed with the Securities and Trade Fee.

In gentle of those and different dangers, uncertainties and assumptions, the forward-looking occasions mentioned on this press launch won’t happen. These forward-looking statements converse solely as of the date of this press launch, even when subsequently made out there on our web site or in any other case, and we don’t intend to replace publicly any forward-looking assertion to mirror occasions or circumstances that happen after the date on which the assertion is made, besides as could also be required by legislation.


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SOURCE Caesars Leisure, Inc.

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