Caesars Entertainment sells 10 million stock shares to Swiss banking firm
Today's sale follows on the heels of the gaming giant’s September 25 move to offer common stock to generate cash to pay down a mortgage loan. Under an agreement, the banking firm has 30 days to purchase an additional 1.5 million shares. The company bought some of those extra shares today, buying 340,418 more shares and generating us$ 6.6 million, the filing states.
Caesars’ public offering, which closed today, was part of a refinancing plan to put the company in better position to take care of a us$ 4.4 billion mortgage loan due at the end of the year.
Before the offering, the company secured a us$ 3 billion loan and a us$ 269.5 million revolving credit line, which it plans to use for the refinancing. Caesars plans to back the loans with the Octavius Tower at Caesars Palace and the Linq.
Caesars currently carries a debt load of us$ 23.5 billion, the largest debt in the gaming business.
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