--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-24-026847" form_type: "8-K" ticker: "CZR" cik: "0001590895" company_name: "Caesars Entertainment, Inc." filed_at: "2024-02-07T23:59:59+00:00" generated_at: "2026-06-06T07:02:27.379387+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # Caesars issues $1.5B 6.5% notes and $2.9B term loan; refinances ~$3.4B of 2025 notes ## Summary - Issued $1.5B 6.500% Senior Secured Notes due 2032; interest semi-annual, redeemable from 2027 at 103.25%. - Incurred $2.9B Term B-1 Loan due 2031 at SOFR+2.75% or base rate+1.75%. - Proceeds used to tender and redeem all $3.399B of 6.250% CEI Secured Notes and $989M of 5.750% CRC Secured Notes due 2025. - Remaining CEI notes ($416.7M) to be redeemed July 1, 2024 at par; CRC notes ($40.7M) redeemed Feb 16, 2024 at 100.183%. - CEI Secured Notes indenture satisfied and discharged; CRC notes fully retired by Feb 16. ## SEC filing metadata - accession: 0001193125-24-026847 - form_type: 8-K - ticker: CZR - cik: 0001590895 - company_name: Caesars Entertainment, Inc. - filed_at: 2024-02-07T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 1.01, 1.02, 8.01, 2.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1590895/000119312524026847/0001193125-24-026847-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1590895/000119312524026847/d739529d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-24-026847 - JSON: https://secwatch.observer/filing/0001193125-24-026847.json - Plain text: https://secwatch.observer/filing/0001193125-24-026847.txt ## Key facts - Debt Financings Caesars Entertainment, Inc. incurred senior notes of $1.5 billion aggregate principal amount at 6.500% maturing 2032. - Instrument: senior notes - Principal: $1.5 billion aggregate principal amount - Rate: 6.500% - Maturity: 2032 - Event: incurrence source text: issued $1.5 billion aggregate principal amount of 6.500% Senior Secured Notes due 2032 evidence_url: https://www.sec.gov/Archives/edgar/data/1590895/000119312524026847/0001193125-24-026847-index.htm - Debt Financings Caesars Entertainment, Inc. incurred term loan of aggregate principal amount of $2.9 billion. - Instrument: term loan - Principal: aggregate principal amount of $2.9 billion - Event: incurrence source text: incurred a senior secured incremental term loan in an aggregate principal amount of $2.9 billion (the “Term B-1 Loan”) evidence_url: https://www.sec.gov/Archives/edgar/data/1590895/000119312524026847/0001193125-24-026847-index.htm - Material Agreements Caesars Entertainment, Inc. entered into Indenture for 6.500% Senior Secured Notes due 2032 with U.S. Bank Trust Company, National Association (Trustee), U.S. Bank National Association (Collateral Agent) valued at $1,500,000,000 aggregate principal amount of 6.500% Senior Secured Notes due 2032 (effective 2024-02-06). - Action: entry - Agreement: notes offering - Counterparty: U.S. Bank Trust Company, National Association (Trustee), U.S. Bank National Association (Collateral Agent) - Value: $1,500,000,000 aggregate principal amount of 6.500% Senior Secured Notes due 2032 - Effective: 2024-02-06 source text: Item 1.01 Entry into a Material Definitive Agreement. 6.500% Senior Secured Notes Due 2032 On February 6, 2024 Caesars Entertainment, Inc. (the “Company,” “Caesars,” “we,” “us,” “our” or similar terms), a Delaware corporation, issued $1.5 billion aggregate principal amount of 6.500% Senior Secured Notes due 2032 (the “Notes”) pursuant to an indenture, dated as of February 6, 2024 (the “Indenture”), among the Company, the Subsidiary Guarantors party thereto, U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), and U.S. Bank National Association, as collateral agent (the “Collateral Agent”). evidence_url: https://www.sec.gov/Archives/edgar/data/1590895/000119312524026847/0001193125-24-026847-index.htm - Material Agreements Caesars Entertainment, Inc. entered into Incremental Assumption Agreement No. 3 under Credit Agreement dated July 20, 2020 with Lenders party to Credit Agreement (including JPMorgan) valued at $2,900,000,000 Term B-1 Loan incurred under the Credit Agreement (effective 2024-02-06). - Action: entry - Agreement: credit facility - Counterparty: Lenders party to Credit Agreement (including JPMorgan) - Value: $2,900,000,000 Term B-1 Loan incurred under the Credit Agreement - Effective: 2024-02-06 source text: On February 6, 2024, the Company entered into an Incremental Assumption Agreement No. 3 (the “Incremental Agreement”), whereby it incurred a senior secured incremental term loan in an aggregate principal amount of $2.9 billion (the “Term B-1 Loan”) under its existing Credit Agreement, dated as of July 20, 2020 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), among the Company, the lenders party thereto from time to time, JPMorg evidence_url: https://www.sec.gov/Archives/edgar/data/1590895/000119312524026847/0001193125-24-026847-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.