Caesars Entertainment has secured 3 billion dollars in senior business loans.
The hospitality and entertainment company Caesars Entertainment has recently announced about their newest business loan, giving them access to 3 billion dollars. The facility includes two and a quarter billion dollars of revolving credit and 750 million dollars from a secured term loan. The additional cash comes from an extension and an increase to the corporation’s existing credit.
The company extended its financing after a weak performance in the first half of the year, after reporting a near 700 million dollar loss from its digital operation. Additionally, the firm also experienced losses in the first quarter of the year, having reported it at over 575 million dollars, originating from the digital sector as well.
Despite the losses, the business is still growing. The aforementioned digital division even experienced a slight uptick in the revenue statistic in the second quarter, bringing in 150 million dollars in spite of losing money after expenses.
The organization used JPMorgan Chase as the administrative agent of the loan, while Latham and Watkins helped them with regulatory counseling.
We are delighted to have completed our newest round of financing. We would like to thank all of our banking associates for aiding us in securing it. Thanks to this new refinancing move, we will be able to reduce our interest expenses and delay loan maturities.
stated the chief financial officer of Caesars Entertainment, Bret Yunker.
Lastly, the corporation reported that it had gotten rid of its Resort Collection subsidiary’s revolving credit, while also utilizing three quarters of a billion from its new term facilities to pay off some of CRC’s term loans.