Brief: Harrah's bids for debt

A Harrah's subsidiary, Harrah's Operating Co., is also seeking consents from bond holders to eliminate or modify restrictive covenants and will pay $20 per $1,000 principal amount of bonds as a consent fee to holders who tender their bonds by Feb. 26.

The tender offer calls for Harrah's to pay a price equal to 50 basis points over the yield to first maturity of the notes, plus accrued interest. The tender offer expires March 13, unless extended.

By early March, Harrah's expects to complete the acquisition of all the minority equity interests it doesn't own in the Showboat Mardi Gras Casino in East Chicago, Ind.

archive