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Caesars Leisure, Inc. Declares Pricing of New $2.5 Billion Senior Secured Time period Mortgage Facility and Anticipated Reimbursement of All Excellent CRC Time period B Loans due 2024 and Time period B-1 Loans due 2025

LAS VEGAS and RENO, Nev., Jan 25, 2023 /PRNewswire/ — Caesars Leisure, Inc. (NASDAQ: CZR) (the “Firm” or “Caesars”) right now introduced the pricing of its beforehand introduced new senior secured time period mortgage facility (the “New Time period B Mortgage”) to be incurred as an incremental time period mortgage facility underneath the credit score settlement that governs its current senior secured credit score services. The combination principal quantity of the New Time period B Mortgage was elevated to $2.5 billion from the beforehand introduced $1.75 billion.

(PRNewsfoto/Caesars Leisure Inc.)

The Firm expects the rate of interest underneath the New Time period B Mortgage to be the forward-looking time period price primarily based on the secured in a single day financing price (“Time period SOFR”) plus an adjustment of 10 foundation factors, topic to a flooring of fifty foundation factors, plus an relevant margin of 325 foundation factors, which relevant margin is topic to at least one 25 foundation level step-down primarily based on the achievement of a internet complete leverage ratio of three.75 to 1.00. The New Time period B Mortgage is predicted to be issued at a problem worth equal to 99% of the principal quantity and to mature in February 2030.

The Firm intends to use the web proceeds of the $2.5 billion New Time period B Mortgage and the web proceeds of the Firm’s beforehand introduced $2.0 billion mixture principal quantity 7.000% Senior Secured Notes due 2030 (the “New Secured Notes”) to repay the entire $3.4 billion Excellent Time period B Loans due 2024 and the $1.0 billion excellent Time period B-1 Loans due 2025 of Caesars Resort Assortment, LLC, a wholly-owned subsidiary of the Firm (“CRC”), along with all accrued curiosity thereon, and any remaining proceedings therefrom shall be utilized by the Firm for common company functions.

The New Time period B Mortgage and the providing of the New Secured Notes are anticipated to shut on or about February 6, 2023topic to customary closing circumstances, together with the completion and execution of definitive documentation.

Ahead-looking Statements

This announcement contains “forward-looking statements” throughout the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. Ahead-looking statements embrace statements relating to our methods, targets and plans for future growth or acquisitions of properties or operations, in addition to expectations, future working outcomes, developments and different data that isn’t historic data. When used on this report, the phrases or phrases reminiscent of “anticipates,” “believes,” “initiatives,” “plans,” “intends,” “expects,” “would possibly,” “might,” “estimates,” “might ,” “ought to,” “would,” “will probably proceed,” and variations of such phrases or comparable expressions are meant to determine forward-looking statements. Particularly, forward-looking statements might embrace, amongst others, statements in regards to the finalization and execution of definitive documentation for the New Time period B Mortgage, the consummation of the providing of the New Secured Notes or the anticipated use of proceeds thereof. Such statements are all topic to dangers, uncertainties and adjustments in circumstances that might considerably have an effect on the long run outcomes and enterprise of the Firm (“we,” “us,” “our” or different comparable phrases).

Any forward-looking statements are primarily based upon underlying assumptions, together with any assumptions talked about with the particular statements, as of the date such statements have been made. Such assumptions are in flip primarily based upon inside estimates and analyzes of market circumstances and developments, administration plans and techniques, financial circumstances and different components. Such forward-looking statements are solely predictions and contain identified and unknown dangers and uncertainties, lots of that are past our management, and are topic to vary. By their nature, forward-looking statements contain dangers and uncertainties as a result of they relate to occasions and rely upon future circumstances that won’t happen. Precise outcomes and developments might differ materially from any future outcomes, developments, efficiency or achievements expressed or implied by such statements. Ahead-looking statements communicate solely as of the date they’re made, and we assume no responsibility to replace forward-looking statements. Ahead-looking statements shouldn’t be thought to be a illustration by us or some other individual that the forward-looking statements shall be achieved. Due reliance shouldn’t be positioned on any forward-looking statements. A number of the contingencies and uncertainties to which any forward-looking assertion contained herein are topic to incorporate, however aren’t restricted to, the next: (a) the results of COVID-19, inflation, elevated gasoline costs, provide chain shortages, labor shortages and different financial and market circumstances, together with adjustments in client discretionary spending from such components, on our enterprise, monetary outcomes and liquidity; (b) our skill to efficiently function our digital betting and iGaming platform and develop its person base; (c) dangers related to our leverage and our skill to scale back our leverage; (d) the results of competitors, together with new competitors in sure of our markets, on our enterprise and outcomes of operations; and (e) extra components mentioned within the sections entitled “Threat Elements” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” within the Firm’s most up-to-date Annual Report on Kind 10-Okay, Quarterly Studies on Kind 10-Q and Present Studies on Kind 8-Okay as filed with the Securities and Change Fee.

In gentle of those and different dangers, uncertainties and assumptions, the forward-looking occasions mentioned on this press launch may not happen. These forward-looking statements communicate solely as of the date of this press launch, even when subsequently made out there on our web site or in any other case, and we don’t intend to replace publicly any forward-looking assertion to replicate occasions or circumstances that happen after the date on which the assertion is made, besides as could also be required by regulation.


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SOURCE Caesars Leisure, Inc.

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