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CEOC Bankruptcy Financing Announced

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Caesars Entertainment (CEC) and Caesars Entertainment Operating Company (CEOC) jointly announced that CEOC has entered into committed financing agreements for proposed new senior secured credit facilities, comprising up to $1,235 million in the aggregate principal amount of a seven-year senior secured term loan facility and up to $200 million in the aggregate principal amount of a five-year senior secured revolving credit facility.

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. Proceeds from the term facility will be used to finance transactions in accordance with the Debtors’ Plan, including to repay existing indebtedness and to pay related fees and expenses. Closing of the senior facilities remains pending subject to the negotiation and execution of definitive documentation, receipt of regulatory approvals and satisfaction of customary closing conditions.

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