A huge gamble on the gaming industry has come up snake eyes
THE DEAL | |
Company | Harrah's Entertainment |
Type of business | Hotel and casino operator |
Date completed | October 2006 |
Sponsors | Apollo Global Management, TPG |
Deal value | $27.4 billion |
Equity | $5.7 billion |
SNAPSHOT | |
Value of equity | 0.25 times cost |
Term loan | 83.75 |
Secured 11.25% | 102.00 |
Second lien | 71.00 |
Guaranteed 10.75% | 67.00 |
Senior unsecured 6.5% | 51.50 |