LAS VEGAS, Nov. 11, 2013 /PRNewswire/ -- Caesars Entertainment Corporation ("Caesars") (NASDAQ: CZR) announced that the subscription period of the previously announced offering of Class A common stock ("Class A Common Stock") of Caesars Acquisition Company ("CAC") to holders of subscriptions rights expired at 5:00 p.m., New York City time, on November 2, 2013 (the "Expiration Date").
The results of the offering indicate that approximately 95.2% of the basic subscription rights were exercised by holders of the subscription rights. In addition, holders of subscription rights elected to retain approximately 0.8% of the aggregate basic subscription rights and other holders of subscription rights who exercised their basic subscription rights in full requested to purchase 79,347,563 additional shares of Class A Common Stock pursuant to the over-subscription privilege such that the offering, other than with respect to the Class A Common Stock underlying the subscription rights that were retained, is expected to be fully subscribed. Accordingly, after giving effect to the subscription rights that were retained, Caesars expects CAC to distribute a total of 135,771,882 shares of Class A Common Stock to the holders of subscription rights who validly exercised their subscription rights and paid the subscription price in full, including pursuant to the exercise of the over-subscription privilege.Based on the results of the offering, Caesars estimates that CAC will receive aggregate gross proceeds from the offering of approximately $1,173.1 million. Subscription rights that were not validly exercised by 5:00 p.m., New York City time, on the Expiration Date, or deemed exercised by 5:00 p.m., New York City time, on the Expiration Date, if such rights were validly exercised by mail and postmarked on or before the Expiration Date and received by the subscription agent before 5:00 p.m., New York City time, on November 5, 2013, have expired and are no longer exercisable. As a result, all unexercised subscription rights, including subscription rights that were retained, are void, of no value and have ceased to be exercisable for shares of Class A Common Stock. Caesars expects that on or about November 18, 2013, after the subscription agent has effected all allocations and adjustments contemplated by the terms of the offering, the offering will be completed and CAC will distribute the shares of Class A Common Stock to holders of subscription rights who validly exercised their subscription rights and paid the subscription price in full. CAC has applied to list shares of its Class A Common Stock for trading on the NASDAQ Global Select Market under the symbol "CACQ", which has been updated since CAC's initial application; however, there can be no assurances that CAC will achieve a listing upon completion of this offering or thereafter.
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