Caesars Entertainment Inc. (CZR) has announced the pricing of its Senior Notes offering, set to mature in 2032, with an annual interest rate of 6.000% and an issue price of 100% of the principal amount. The finalization of this offering is anticipated around October 17, 2024. The initially declared aggregate principal amount for the Notes has been increased from $1.00 billion to $1.10 billion.
The company intends to allocate the proceeds from this offering to tender, redeem, or repurchase a portion of its existing Senior Notes with an 8.125% rate due in 2027. This will include the settlement of all accrued interest, fees, and premiums associated with the existing Notes, along with covering the costs and expenses related to the current Notes offering and the redemption of the 2027 Notes.
