Davis Polk advised the representative of the joint book-running managers in connection with the offering by CRC Escrow Issuer, LLC and CRC Finco, Inc., both wholly owned subsidiaries of Caesars Entertainment Corporation, of $1.7 billion aggregate principal amount of their 5.250% senior notes due 2025. 

Upon satisfaction of certain escrow conditions, the proceeds of the notes will be used to repay certain outstanding indebtedness of Caesars Growth Properties Holdings, LLC and Caesars Entertainment Resort Properties, LLC. Prior to escrow release, Caesars Growth Properties will merge with Caesars Entertainment Resort Properties to form Caesars Resort Collection, LLC, which will assume the obligations of CRC Escrow Issuer, LLC and become a co-issuer of the notes.

Caesars Entertainment Corporation is a casino-entertainment and hospitality services provider. The Caesars portfolio of properties consists of entertainment facilities, including gaming offerings, food and beverage outlets, hotel and convention space and non-gaming entertainment options. 

The Davis Polk corporate team included partners Michael Kaplan and Shane Tintle and associates Roshni Banker Cariello, Dan Gibbons, Brian Fox, Roohi Gupte and Heita Miki. Partner Mario J. Verdolini provided tax advice. Counsel David A. Zilberberg provided environmental advice. Partner Frank J. Azzopardi provided intellectual property and technology advice. All members of the Davis Polk team are based in the New York office.

Copy link to share post