Harrah’s restructures to avoid defaulting to creditors
By Howard Stutz, Las Vegas Review-Journal
Harrah’s Entertainment plans to issue $500 million in second priority secured notes that are due in 2018, which will be used to pay down loans that come due over the next two years.
In a statement Tuesday, the casino operator said the offering is subject to several conditions.
Soon after the announcement, Moody’s Investors Service maintained a “negative” rating outlook toward Harrah’s long-term debt.
