Harrah's plans to sell $1 billion in debt
27 May 2009
LAS VEGAS, Nevada –- Harrah's Entertainment announced Tuesday plans to sell $1 billion in debt and use the proceeds to retire existing loans.
The new notes will mature in 2017 and will be used to retire some term loans and revolving debt, the company said in a statement.
The company reported nearly $7.2 billion in term loans on March 31 with $1.8 billion in revolving credit facility on the same date.
Harrah's reported $24.2 billion in long-term debt on March 31.
Harrah's said in April it would pay $102 million and issue $3.4 billion in debt to eliminate $5.55 billion in bonds at a discount.
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