Harrah’s $1 Billion in New Notes to Pay Old Debts

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28 May, 2009

LAS VEGAS-(Associated Press) - Casino operator Harrah's Entertainment Inc. says it plans to sell $1 billion in new notes through a private offering to help it pay older debt and company expenses.

The Las Vegas-based company said in a Securities and Exchange Commission filing on Wednesday that the new debt would be due in 2017.

The company said in an earlier SEC filing that it had $24.2 billion in long-term debt as of March 31.

Harrah's has struggled since assuming $12.4 billion in debt in a $30.7 billion deal to be taken private last year by affiliates of Apollo Global Management LLC and TPG Capital LP.

Harrah's lost $127.4 million in the first quarter of 2009, compared with a net loss of $187.8 million in the first quarter of 2008.

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