Bloomberg: Caesars Uses $100MM Lure for Asset Shift Distressed Debt
Bloomberg reported Caesars Entertainment will soon find out whether $100 million is enough to entice lenders to finance a plan that would put casino assets out of reach of most of its creditors in case of a bankruptcy.
The amount is extra interest above market rates the company is offering to pay on $1.18 billion of term loans due in March 2021, being raised through a unit created last year called Caesars Growth Partners, according to data compiled by Bloomberg .
Bloomberg said further Caesars has been struggling to reconcile its debt load with U.S. consumers restraining discretionary spending since it was purchased in a $30.7 billion leveraged buyout put together by Apollo Global Management and TPG Capital at the peak of the last takeover boom in 2008.
To read the entire Bloomberg , click here.
Previously on abfjournal: Bloomberg: Caesars Sets Rate on $3B Term Loan, September 23, 2013