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Caesars Entertainment Corp. Proposed Amended And Extended Credit Facilities, New Notes Assigned Preliminary Ratings Feb 12
Standard & Poors, Feb 2012
Abstract
U.S. casino operator Caesars Entertainment Corp. is seeking an amendment to its first-lien senior secured credit facilities, and plans to raise up to $1.25 billion in senior secured notes, most of which will be used to repay term-loan debt. We are assigning preliminary issue-level and recovery ratings to Caesars' proposed amended and extended term loan and revolver, the sizes of which are subject to lender participation, and the proposed $1.25 billion senior secured notes due 2020. The stable rating outlook reflects our expectation that EBITDA will grow at least modestly in 2012 and 2013, which, despite very weak credit measures, should allow the company to continue to meet debt service obligations. NEW YORK (Standard & Poor's) Feb. 7, 2012--Standard &...
Companies mentioned in this report are: Caesars Entertainment Corp.
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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