Paulson To Buy Stake In Harrah's For $710M In Debt

Law360, New York (June 4, 2010, 3:21 PM EDT) -- Billionaire John Paulson's hedge fund Paulson & Co. Inc. will exchange $710 million in debt for a 9.9 percent share in Harrah's Entertainment Inc., the casino company has announced.

The deal is part of a larger agreement Harrah's announced Thursday to exchange $1.1 billion in debt for a 15.6 percent stake in the company. The other 5.7 percent of the equity interest will go to private investment firms Apollo Global Management LLC and TPG Capital LP, which acquired Harrah's in a leveraged buyout in 2008 that...
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