any 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.