Many firms have been selling stock and/or debt in part to pay off near- term debt
Harrah's plans us$ 720 million private note offering
2009-09-09
Reading time 36 seg
(US).- Harrah's Entertainment Inc. plans to offer us$ 720 million in a private offering of new eight-year notes, as the highly leveraged casino operator continues to seek ways to refinance its debt load. Proceeds of the sale will go to repay current borrowings.
Many companies have been selling stock and/or debt in part to pay off near- term debt.
The collapse of the housing bubble and the deepening recession have hit Las Vegas particularly hard. Harrah's has taken many steps in recent months to reduce debt through tenders and bond-exchange offers. Last month, Harrah's said in filings that its units paid an average of 48 cents on the dollar to purchase us$ 788 million in debt during the second quarter.
Harrah's, which was taken private in 2008, said the most recent offering of senior secured eight-year notes will be issued under the same indenture as the 11.25 % notes issued June 10.
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