Aug 2 A group of senior bondholders holding debt
in a unit of U.S. casino operator Caesars Entertainment Corp.
has hired advisers to negotiate a deal to reduce debt at
the unit, Bloomberg reported on Saturday.
Quoting two people familiar with the situation, Bloomberg
said the group, which holds parts of Caesars Entertainment
Operating Co.'s first-lien bonds, was holding talks
with investment bank Miller Buckfire & Co. and law firm Kramer
Levin Naftalis & Frankel LLP.
It said the two firms had signed confidentiality agreements
so they can have access to sensitive information as they seek a
Caesars Entertainment Operating Co (CEOC), which is owned by
Apollo Global Management LLC and TPG Capital, on Wednesday said
it had taken steps for a significant deleveraging ahead of a
planned stock listing, including the appointment of senior
"These actions follow the completion of the previously
announced $1.75 billion first-lien debt offering and associated
redemption of existing 2015 maturities as well as a paydown of
$800 million of bank facilities maturing in 2016; the sale by
Caesars Entertainment of 5 percent of CEOC's equity to
institutional investors; the closing of the previously announced
asset sales; and the amendment of CEOC's credit facility," the
unit said in a statement on Wednesday.
Bloomberg said that Gary Thompson, a spokesman for Caesars,
Phillipa Yule, a spokeswoman for Kramer Levin, and Chuck
Dohrenwend, a spokesman at Abernathy MacGregor Group for Miller
Buckfire, declined to comment. Bud Perrone, a spokesman for
Apollo at Rubenstein Associates Inc., and Lisa Baker, a
spokeswoman for TPG at Owen Blicksilver Public Relations Inc.,
also declined to comment.
(Washington Breaking News Team; Editing by Leslie Adler)