PE-Backed Caesars To Raise $1.5B In New Debt

Law360, New York (February 4, 2013, 2:57 PM EST) -- Caesars Entertainment Corp., the heavily indebted casino operator majority-owned by Apollo Global Management LLC and TPG Capital, is raising $1.5 billion from public markets to stay ahead of a wall of maturing loans, according to a Monday securities filing.

Two subsidiaries of Caesars will issue the new senior notes, which mature in 2020 and pay 9 percent interest. The company — which runs 39 casinos in the U.S., mostly in Las Vegas and Atlantic City, N.J. — said the funds would be used to retire existing...
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