Las Vegas NowHarrah's Offers $720 Million in New Note to Repay Debt
Casino giant Harrah's Entertainment says it'll offer $720 million in new secured notes to give it more time to repay lenders.
The private Las Vegas-based company said Tuesday that the new notes will be due 2017, while the funds will repay debt due much sooner.
Harrah's had $19.3 billion in long-term debt as of June 30. A Securities and Exchange Commission filing in August showed the company owed $661.2 million by the end of 2011. Harrah's used similar swaps during the second quarter, including a swap of $5.4 billion in debt for $3.6 billion in new notes due 2018.
It also paid off $1.3 billion through tender offers or open market purchases and issued $1.4 billion in new notes due 2017.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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