Caesars enters $750M Term A Loan, ups revolver to $2.25B, extends maturities to 2028

Caesars Entertainment, Inc.

Incurred $750M senior secured Term A Loan maturing January 2028; quarterly amortization of 1.25% of original principal.
Revolving Credit Facility increased to $2.25B and extended to January 2028, with a $388M letter of credit subfacility.
Term A Loan proceeds used to prepay $750M of Caesars Resort Collection term B loans due 2024.
Interest at Adjusted Term SOFR + 2.25% or Base Rate + 1.25%, with three step-downs based on net total leverage.
New maintenance covenants: max net total leverage ratio 7.25x stepping down to 6.50x; min cash interest coverage 1.75x stepping up to 2.00x.

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