Caesars seeks to sell 7 million shares
By Howard Stutz, Las Vegas Review-Journal
Caesars Entertainment Corp. filed paperwork with the Securities and Exchange Commission Thursday to sell an additional 7 million shares of stock.
Based on Thursday’s closing price on the Nasdaq Global Select, the company would raise almost $148 million.
No date was given for the proposed sale. Caesars and it private equity owners, TPG Capital and Apollo Global Management, agreed to a 60-day lock-up period after the date of the prospectus filing in which they wouldn’t sell any of their wholly owned shares.
Caesars has undertaken several efforts recently to repair its balance sheet, which has a gaming-industry-high $23 billion in debt.