This week, amidst the hustle and bustle of news emerging out of Las Vegas at G2E, Caesars Entertainment Corporation announced the commencement of an underwritten public offering of 10 million shares of its common stock.
Caesars expects to grant the underwriter of the offering an option to purchase up to 1.5 million additional shares of its common stock.
Caesars and its financial sponsors, affiliates of TPG Capital LP and Apollo Global Management, LLC, have agreed to a lock-up (subject to certain exceptions) for a period of 60 days after the date of the prospectus supplement for the offering.
In a statement issued to the press on Wednesday, Caesars says the offering is subject to market and other customary conditions, and there can be no assurance as to whether or when the offering may be completed.
Credit Suisse Securities (USA) LLC is acting as the sole underwriter for the offering.
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