Caesars Growth Unit Raises $675 Million to Fund Asset Purchases
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Caesars Entertainment Corp. sold $675 million of secured bonds as the casino operator struggling under a $23.3 billion debt load seeks to distance assets from current creditors.
Units of Caesars Growth Partners, a joint venture created last year that’s controlled by the parent, issued 9.375 percent, eight-year bonds to yield 720 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The bonds are expected to be rated Caa2 by Moody’s Investors Service.