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Caesars Leisure, Inc. Publicizes Pricing of Providing of Senior Secured Notes

LAS VEGAS and RENO, Nev., Jan 23, 2023 /PRNewswire/ — Caesars Leisure, Inc. (NASDAQ: CZR) (the “Firm,” “Caesars” or the “Issuer”) right now introduced the pricing of its beforehand introduced providing of Senior Secured Notes due 2030 (the “Notes” ) at an rate of interest of seven.00% every year and a problem worth equal to 100% of the principal quantity of the Notes. The providing is predicted to shut on or about February 6, 2023, topic to customary closing circumstances. The Notes had been supplied in a personal placement to certified institutional patrons pursuant to Rule 144A beneath the Securities Act of 1933, as amended (the “Securities Act”), and to individuals exterior United States beneath Regulation S of the Securities Act. The mixture principal quantity of the Notes to be issued within the providing was elevated to $2,000.0 million from the beforehand introduced $1,250.0 million.

(PRNewsfoto/Caesars Leisure Inc.)

The Notes will probably be assured on a senior secured foundation by every current and future wholly-owned home subsidiary of the Firm that may be a guarantor with respect to the Firm’s senior secured credit score services (the “CEI Credit score Settlement”) and its current 6.25% Senior Secured Notes due 2025 (the “Subsidiary Guarantors”), eleven sure regulatory approvals are obtained. The Notes and ensures of the Notes would be the Issuer’s and the Subsidiary Guarantors’ senior secured obligations and, as soon as sure regulatory approvals are obtained, secured on a first-priority pari passu foundation on considerably the entire property and property of the Issuer and the Subsidiary Guarantors, now owned or hereafter acquired by the Issuer and any Subsidiary Guarantor, that safe the obligations beneath the Firm’s senior secured credit score services and its current 6.25% Senior Secured Notes due 2025.

Concurrently with the issuance of the Notes, the Firm expects to enter into an modification to the CEI Credit score Settlement to offer for, amongst different issues, a brand new roughly $1.750 billion senior secured time period mortgage facility (the “New Time period B Mortgage”). The closing of the New Time period B Mortgage beneath the CEI Credit score Settlement will not be a situation to the closing of the sale of the Notes. The Firm intends to use the web proceeds of the sale of the Notes, the New Time period B Mortgage, and money readily available, (i) to repay the entire Time period B Loans of Caesars Resort Assortment, LLC, a wholly-owned subsidiary of the Firm(“CRC”), along with all accrued curiosity, charges and premiums thereon, and (ii) to pay charges and bills associated to the foregoing, and any remaining proceeds therefrom will probably be utilized by the Firm for common company functions, together with , with out limitation, the potential reimbursement of a portion of CRC’s excellent Time period B-1 Loans.

The Notes had been supplied to individuals fairly believed to be certified institutional patrons beneath Rule 144A of the Securities Act and to individuals exterior United States beneath Regulation S of the Securities Act. The Notes is not going to be registered beneath the Securities Act, and, until so registered, might not be supplied or bought in United States besides pursuant to an exemption from, or in a transaction not topic to, the registration necessities of the Securities Act and relevant state securities legal guidelines.

This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase securities, nor shall there be any sale of securities in any state or jurisdiction wherein such provide, solicitation, or sale could be illegal previous to registration or qualification beneath the securities legal guidelines of any such state or jurisdiction.

Ahead-looking Statements

This announcement contains “forward-looking statements” throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. Ahead-looking statements embrace statements concerning our methods, targets and plans for future growth or acquisitions of properties or operations, in addition to expectations, future working outcomes, traits and different info that’s not historic info. When used on this report, the phrases or phrases akin to “anticipates,” “believes,” “initiatives,” “plans,” “intends,” “expects,” “may,” “might,” “estimates,” “may ,” “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 providing, the New Time period B Mortgage or the anticipated use of proceeds thereof. Such statements are all topic to dangers, uncertainties and modifications in circumstances that would considerably have an effect on the longer term outcomes and enterprise of the Firm (“we,” “us,” “our” or different related phrases).

Any forward-looking statements are based mostly 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 based mostly upon inside estimates and analyzes of market circumstances and traits, administration plans and techniques, financial circumstances and different components. 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 depend on future circumstances that will not 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 communicate 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 individual that 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 aren’t restricted to, the next: (a) the results of COVID-19, inflation, elevated gasoline costs, provide chain shortages, labor shortages and different financial and market circumstances, together with modifications in shopper discretionary spending from such components, on our enterprise, monetary outcomes and liquidity; (b) our skill to efficiently function our digital betting and iGaming platform and increase its consumer base; (c) dangers related to our leverage and our skill to cut back our leverage; (d) the results of competitors, together with new competitors in sure of our markets, on our enterprise and outcomes of operations; and (e) further components 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 Reviews on Type 10-Q and Present Reviews on Type 8-Okay as filed with the Securities and Change Fee.

In mild of those and different dangers, uncertainties and assumptions, the forward-looking occasions mentioned on this press launch may not happen. These forward-looking statements communicate solely as of the date of this press launch, even when subsequently made obtainable 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 regulation.

Supply: Caesars Leisure, Inc; CZR


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