Caesars Tumbles With Sale of Stock, Outlines New Debt Terms
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Caesars Entertainment Corp., the casino company with more than $23 billion in debt, is selling at least 10 million new shares and adjusting a $4.8 billion bond and loan offer. The shares fell for a second day.
Proceeds of the stock sale could total $260.2 million, excluding fees, based on Caesars’ Sept. 24 closing price, if Credit Suisse, the investment bank running the sale, exercises an option to buy 1.5 million additional shares, the Las Vegas-based resort operator said today in a filing.