This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Oct. 29, 2013 /PRNewswire/ -- Caesars Entertainment Corporation ("Caesars") (NASDAQ: CZR) announced that in connection with the previously announced offering of Class A common stock of Caesars Acquisition Company ("CAC") to holders of subscriptions rights that were distributed by Caesars on
October 21, 2013, affiliates of Apollo Global Management, LLC (together with its affiliates, "Apollo") and TPG Global, LLC (together with its affiliates, "TPG" and, together with Apollo, the "Sponsors") have advised Caesars that they intend to exercise their over-subscription privileges in the offering such that subscription rights of approximately
$600 million would be exercised in the aggregate by the Sponsors, or approximately
$300 million by each Sponsor. The Sponsors have exercised their basic-subscription rights in full for
$457.8 million on
October 21, 2013. Each Sponsor intends to exercise over-subscription privileges for up to approximately
$71.1 million (or approximately 8,229,166 shares) of additional CAC Class A common stock, subject to the terms described in CAC's prospectus for the offering. Over-subscription privileges will only be available with respect to shares of CAC's Class A common stock underlying basic subscription rights that are not exercised or affirmatively retained by the holders of such basic subscription rights.
The subscription rights will expire if they are not exercised by
New York City time, on
November 2, 2013, the expiration date. If you are a beneficial owner of shares of Caesars common stock that are registered in the name of a broker, dealer, custodian bank or other nominee, you will need to contact your broker, dealer, custodian bank or other nominee for instructions for exercising subscription rights because the deadline for you to exercise subscription rights will be prior to the expiration date. If you are a registered holder of shares of Caesars common stock, subscription rights validly exercised by mail that is postmarked on or before the expiration date and received by the subscription agent before
New York City time, on
November 5, 2013 will be deemed to have been exercised by the expiration date.
Upon the closing of the offering, which is expected to be on or about
November 18, 2013, shares of CAC's Class A Common Stock will be distributed to holders of subscription rights that validly exercised their subscription rights. CAC has applied to list shares of its Class A common stock for trading on the NASDAQ Global Select Market under the symbol "CGP"; however, there can be no assurances that CAC will achieve a listing upon completion of this offering or thereafter.
CAC is a newly formed company created to facilitate the previously announced strategic transaction pursuant to which Caesars will form a new growth-oriented entity, Caesars Growth Partners, LLC ("Growth Partners"), to be owned by Caesars and CAC. The closing of the strategic transaction is subject to certain conditions, including entry into definitive documentation and the receipt of required regulatory approvals and lenders' approvals, and there can be no assurance that such conditions will be satisfied.