Caesars prices $2.5B new senior secured term loan, up from $1.75B, to repay near-term debt

Caesars Entertainment, Inc.

New Term B Loan increased to $2.5B aggregate principal; issued at 99% of par.
Interest rate: Term SOFR + 10 bps floor 50 bps + 325 bps margin (step-down to 300 bps at leverage <3.75x).
Matures February 2030; proceeds combined with $2.0B 7.000% Senior Secured Notes due 2030.
Repayment: $3.4B CRC Term B Loans due 2024 and $1.0B Term B-1 Loans due 2025.
Transaction expected to close on or about February 6, 2023.

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