Caesars begins $24.2bn debt restructure talks with senior bondholders

Caesars begins $24.2bn debt restructure talks with senior bondholders

Tuesday, September 16, 2014 Totally Gaming

Caesars Entertainment has entered discussions with at least five of its senior bondholders in an effort to restructure the largest portions of the company's gaming industry-high $24.2bn debt. In a filing with the Securities and Exchange Commission, Caesars said it has entered 'non-disclosure agreements with certain beneficial holders', thought to be Pacific Investment Management Co., Elliott Management, BlackRock, Brigade Capital Management and Beach Point Capital Management, to discuss restructuring debt due in 2020.

Caesars Chairman Gary Loveman in a recent interview said the company 'had made progress' with its unsecured creditors and talks with the first lien holders was 'an important step' in moving forward with dealing with the company’s balance sheet.

Loveman was encouraged the company would talk directly with the bondholders and not advisers. “I believe constructive discussions will occur,” he continued. “Our aim is to get something resolved in the next few weeks.”

Caesars Entertainment has, over the past 18 months, made moves to restructure the company’s debt load, much of which stems back to its $31bn private equity buyout by Apollo Global Management and TPG Capital in 2008.

Loveman has described Caesars Entertainment as the holding entity for three subsidiary organizations, “two of which are in very good health. A third is over-levered and has pressing debt issues.”

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