Harrah's Entertainment Announces Proposed $720 Million Debt Offering
Harrah's Entertainment, Inc. ("Harrah's") announced today that its direct, wholly owned subsidiary, Harrah's Operating Company, Inc. ("HOC") is proposing to issue $720 million aggregate principal amount of senior secured notes due 2017 (the "Notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Notes are to be issued under the same indenture governing the 11 1/4 % Senior Secured Notes due 2017 that were issued on June 10, 2009.
Harrah's intends to use the net proceeds from this private offering to repay a portion of Harrah's existing term loan and revolving credit indebtedness under HOC's senior secured credit facilities.
The Notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S. The Notes will not be initially registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
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