\nMarch 28 (Bloomberg) \u2014 Caesars Entertainment Corp. said it\u2019s offering 7 million shares of its common stock, a sale worth about $147.6 million at current prices.<\/p>\n
\tThe Las Vegas-based company, which has been restructuring its debt, granted its banker the option to sell another 1.05 million shares, according to a statement.<\/p>\n
\tCaesars said its controlling shareholders, TPG Capital and Apollo Global Management LLC, have agreed not to sell any of their holdings for about 60 days after the offering. Citigroup Inc. is acting as the sole underwriter.<\/p>\n
\tShares in the largest owner of casinos in the U.S. fell 6 percent to $19.82 in extended trading yesterday after the announcement. The stock retreated 4.3 percent to $21.08 at the close in New York. It\u2019s risen 31 percent in the past year.<\/p>\n
\tCaesars has struggled to repair its balance sheet after a $30.7 billion leveraged buyout in 2008. The company has sold stock to the public, divested assets, bought back debt and restructured loans.<\/p>\n
\tThe company said this week that an affiliate, Caesars Growth Partners, is seeking to raise $2 billion in debt to finance a deal announced earlier this month to purchase four casinos from Caesars Entertainment Operating Co., the company\u2019s most-heavily indebted unit. Caesars also said it received a letter from a law firm representing some debt holders challenging that and other assets transfers.<\/p>\n
\tCaesars said March 26 that it would close its Harrah\u2019s Tunica casino in Mississippi in the face of increased regional competition and declining revenue.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
March 28 (Bloomberg) \u2014 Caesars Entertainment Corp. said it\u2019s offering 7 million shares of its common stock, a sale worth about $147.6 million at current prices. The Las Vegas-based company, which has been restructuring its debt, granted its banker the…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-7154","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=7154"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7154\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=7154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=7154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=7154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}