2bn Archives - Keno Wizard https://kenowizard.com/tag/2bn/ The Ultimate Keno Destination for Odds, Tips & Tricks Thu, 25 Jan 2024 09:47:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 2bn Archives - Keno Wizard https://kenowizard.com/tag/2bn/ 32 32 230792155 Caesars Offers $1.5bn in Bonds, Plans New $2bn Term Loan https://kenowizard.com/2024/01/25/caesars-offers-1-5bn-in-bonds-plans-new-2bn-term-loan/ https://kenowizard.com/2024/01/25/caesars-offers-1-5bn-in-bonds-plans-new-2bn-term-loan/#respond Thu, 25 Jan 2024 09:47:58 +0000 https://kenowizard.com/2024/01/25/caesars-offers-1-5bn-in-bonds-plans-new-2bn-term-loan/ The leading hospitality and gaming company, Caesars Entertainment, announced a major financial move Wednesday. The company confirmed in a statement that it plans to sell some $1.5 billion in bonds. The bonds would be available for qualified institutional buyers in a private placement in line with Rule 144A of the Securities Act of 1933. The [...]

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The leading hospitality and gaming company, Caesars Entertainment, announced a major financial move Wednesday. The company confirmed in a statement that it plans to sell some $1.5 billion in bonds. The bonds would be available for qualified institutional buyers in a private placement in line with Rule 144A of the Securities Act of 1933. The aforementioned amount of bonds, described by the company as senior secured notes, are due in 2032. According to Caesars, the notes will be guaranteed by its domestic subsidiaries, subject to the relevant regulatory approvals.

Caesars Entertainment, Inc. today announced that the Company, intends to offer, subject to market and other conditions, $1,500.0 million aggregate principal amount of senior secured notes due 2032 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to persons outside the United States under Regulation S of the Securities Act,

reads a statement released by Caesars Entertainment

Besides offering $1.5 billion in bonds, the company confirmed plans to secure a new $2 billion senior secured term loan facility described as the “New Term B-1 Loan.” This would be achieved through an amendment to the existing CEI Credit Agreement. Still, Caesars explained that the closing of “the New Term B-1 Loan under the CEI Credit Agreement is not a condition to the closing of the sale of the Notes.”

The gaming and entertainment company revealed that the proceeds from the term loan and notes would be used to address current debt obligations, and this includes the company’s 6.250% Senior Secured Notes due 2025. Additionally, the loan and note proceeds would also satisfy expenses and fees related to the aforementioned transactions.

Preliminary Q4 2023 Results Deviate from Projections

The announced strategic financial move follows the release of Caesars’ preliminary Q4 results. Earlier this month, the company uncovered details regarding its expected performance for the fourth quarter of 2023, highlighting that the EBITDA and sales projections of analysts may deviate from the actual results.

Caesars estimated that its revenue for Q4 2023 is expected to be between $2.815 billion and $2.835 billion, just shy of the Wall Street prediction of $2.89 billion. EBITDA for the period is expected to be in the range of $920 million and $940 million, under the projections of analysts for $957 million.

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