Distressed Debt: CEOC Senior Secured Debt Idea Initiation January 2015

Caesars Entertainment Operating Company (CEOC) Distressed Debt: Senior Secured Debt Idea Initiation January 16, 2015 PROPOSAL: Buy CEOC Senior Secured debt up to $60 for 3-year IRR of ~21% SUMMARY INFO Recent Price: $76 Face Value: $6,345 million Available Securities 2017 11.25s (CUSIP: 413627BL3) 2020 8.5s (CUSIP: 12768RAD9) CEOC Debt Stack by Priority Term Loans: … Continue reading Distressed Debt: CEOC Senior Secured Debt Idea Initiation January 2015

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Distressed Debt: Caesars Entertainment Credit Review January 2015

Caesars Entertainment Operating Company (CEOC) Distressed Debt: Credit Review January 3, 2015 SUMMARY INFO Corp Structure: CEOC is the operating subsidiary of publicly-traded Caesars Entertainment (NASDAQ: CZR) Senior Secured 2017 11 & 1/4s: $73.06 Second-Priority Senior Secured 2018 12 & 3/4s: $13.93 Total Debt: $18,394 million Cash: $1,480 million Net Current Assets: $186 (Cash + … Continue reading Distressed Debt: Caesars Entertainment Credit Review January 2015