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Caesars Entertainment Announces Completion Of Tender Offers For Caesars Entertainment Operating Company, Inc.'s Debt Securities

Stocks in this article: CZR

LAS VEGAS, July 29, 2014 /PRNewswire/ -- Caesars Entertainment Corporation ("Caesars") (NASDAQ: CZR) announced today the completion of its subsidiary's, Caesars Entertainment Operating Company, Inc. (the "Issuer" or "CEOC"), previously announced cash tender offers to purchase any and all of the outstanding $791,767,000 aggregate principal amount of CEOC's 5.625% Senior Notes due 2015 (the "5.625% Notes") and any and all of the outstanding $214,800,000 aggregate principal amount of CEOC's 10.00% Second-Priority Senior Secured Notes due 2015 (the "10.00% Notes" and, together with the 5.625% Notes, the "Notes").  The tender offers expired at 5:00 p.m., New York City time, on July 25, 2014 (the "Expiration Time"). 

Caesars Entertainment Corporation logo.

The Issuer received tenders from the holders of $44,345,000 aggregate principal amount of the 5.625% Notes and $103,016,000 aggregate principal amount of the 10.00% Notes by the Expiration Time.  The Issuer has accepted for purchase all of the Notes validly tendered (and not validly withdrawn).  The Issuer has paid total consideration of $1,048.75 per $1,000 principal amount of the 5.625% Notes and total consideration of $1,022.50 per $1,000 principal amount of the 10.00% Notes, plus any accrued and unpaid interest from the last interest payment date to, but not including, the payment date.

In addition, pursuant to the previously announced note purchase agreements with a significant third-party holder and a subsidiary of Caesars Growth Partners, LLC (the "CGP Holder" and, together with the third party holder, the "Selling Holders"), CEOC purchased (the "Note Purchases") from the Selling Holders approximately $740.5 million in aggregate principal amount of the 5.625% Notes for a purchase price of $1,048.75 per $1,000 principal amount and approximately $106.6 million in aggregate principal amount (including 10.00% Notes purchased through a mandatory redemption) of the 10.00% Notes for a purchase price of $1,022.50 per $1,000 principal amount, in each case, plus accrued and unpaid interest to, but not including, the closing date.

As a result of the tender offers and the Note Purchases, the Issuer has retired approximately 99.1% of the outstanding amount of the 5.625% Notes and approximately 98.0% of the outstanding amount of the 10.00% Notes.

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