Harrah’s $1 Billion in New Notes to Pay Old Debts

Written by:
Guest
Published on:
May/28/2009
Harrah's

LAS VEGAS-(Associated Press) - Casino operator Harrah's Entertainment Inc. says it plans to sell $1 billion in new notes through a private offering to help it pay older debt and company expenses.

The Las Vegas-based company said in a Securities and Exchange Commission filing on Wednesday that the new debt would be due in 2017.

The company said in an earlier SEC filing that it had $24.2 billion in long-term debt as of March 31.

Harrah's has struggled since assuming $12.4 billion in debt in a $30.7 billion deal to be taken private last year by affiliates of Apollo Global Management LLC and TPG Capital LP.

Harrah's lost $127.4 million in the first quarter of 2009, compared with a net loss of $187.8 million in the first quarter of 2008.

Business/Financial News

Pay Per Heads Let You Move Your Own Betting Lines

“Full-service” is often times an overused term in business. While it is easy to find companies that make a habit of over-promising and under-delivering on the goods or services they sell, it is the rare company that does the exact opposite.

Bitcoin Surges Above $106,000 on Strategic Reserve Hopes

Bitcoin surged to a record high above $106,000 in early Asian trade on Monday, boosted by comments from President-elect Donald Trump that suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve.

Syndicate

Subscribe to Syndicate
More