Caesars' Spinoff Shows One Way Out Of PE Debt Pile

Law360, New York (April 25, 2013, 7:22 PM EDT) -- Caesars Entertainment Corp.'s plan to spin off assets into a new growth vehicle is the latest effort — and, to date, one of the most creative — by a private equity sponsor to stay ahead of the wall of debt that fueled the industry's 2000s buyout binge.

Caesars private equity backers, Apollo Global Management LLC and TPG Capital, have struggled for years to manage the debt piled on during its $30 billion buyout in 2007. They have refinanced loans, raised new debt, pushed back maturities and...
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