Harrahs Operating Company, Inc., a subsidiary of Harrahs Entertainment, one of the worlds leading gaming companies, agreed Tuesday to accept the terms of its bank credit facilities.
According to the agreement terms, it lowers the interest spread on the 4 billion dollars credit facility to LIBOR plus 62.5 basis points. The agreement will be valid for another 5 years, until April 2001. The former rate stood on LIBOR plus 87.5 basis points. Banc of America Securities LLC and Wells Fargo Bank, National Association were joint book managers and joint lead arrangers.
Harrahs Entertainment, Inc. is one of the leading gaming companies in the world, specializes in providing casino entertainment via operating subsidiaries. The company was formed in Reno, Nevada 68 years ago. Harrahs owns or operates more than 40 casinos in three countries, mainly under the brand names Harrahs, Caesars and Horseshoe.
