The note offering follows another debt-related development at Harrah's, which last month received unanimous consent from its CMBS lenders to amend the terms of approximately $5.5 billion in loans. According to Gary Loveman, chairman, CEO and president of Harrah's Entertainment, that consent by the CMBS lenders will reduce the company's debt load by more than $4 billion, at the same time improving the company's liquidity position. "These revised terms for the CMBS loans represent the culmination of nearly two years of transformative activities that have allowed us to improve our balance sheet substantially," Loveman commented in a prepared statement.
Harrah's Entertainment Inc. operates casinos under the Harrah's, Caesars and Horseshoe brand names. It also owns the London Clubs International family of casinos and the World Series of Poker. The company describes itself as "the world's largest provider of branded casino entertainment."
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