Credit Suisse Agents $1.23B Term Loan for Caesars Entertainment

As part of its restructuring plan, Caesars Entertainment Operating Company secured committed financing agreements for proposed new senior secured credit facilities, comprising up to $1,235 million in the aggregate principal amount.

Caesars Entertainment Operating Company entered into committed financing agreements for proposed new senior secured credit facilities, comprising up to $1,235 million in the aggregate principal amount and up to $200 million in the aggregate principal amount of a five-year senior secured revolving credit facility.

This financing commitment is an important milestone toward the resolution of CEOC’s restructuring. CEOC’s plan of reorganization was confirmed by the Bankruptcy Court in January. Caesars Entertainment and Caesars Acquisition Company have amended the terms of their previously announced merger, another important milestone in the restructuring process.

Credit Suisse will serve as sole administrative agent, and Credit Suisse and Deutsche Bank Securities will serve as joint lead arrangers for the senior facilities.

The proceeds from the term facility will be used to finance transactions in accordance with the debtors’ plan of reorganization, including to repay existing indebtedness and to pay related fees and expenses.

Las Vegas-based Caesars Entertainment is a diversified casino-entertainment provider.