Caesars Entertainment Signs Bank RSA With First Lien Bank Lenders - Quick Facts

(RTTNews) - Caesars Entertainment Corp. (CZR) and Caesars Entertainment Operating Co. Inc. or CEOC, announced they have entered into a Bank Restructuring Support Agreement or Bank RSA.

The agreement, which is effective immediately, secures the support of CEOC's largest and most senior creditor constituencies and represents a key milestone in the two company's efforts to implement a consensual restructuring of CEOC.

CEOC's restructuring is now supported by CEOC's First Lien Bank Lenders and First Lien Bondholders, which represent the most senior $12 billion of CEOC's capital structure.

Caesars Entertainment and CEOC continue to engage in discussions with junior creditors to build additional support for the previously announced Second Lien Restructuring Agreement in an effort to complete the restructuring consensually.

However, the senior creditors' support of today's agreement paves the way toward a confirmable plan for the restructuring of CEOC. The Bank RSA is substantially similar to the previously announced Bond RSA.