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PROMUS COMPLETES PRIVATE PLACEMENT OF $200 MILLION OF SENIOR SUBORDINATED NOTES

 MEMPHIS, Tenn., March 23 /PRNewswire/ -- The Promus Companies Incorporated (NYSE: PRI) today announced that its wholly-owned subsidiary, Embassy Suites, Inc. has completed a private placement pursuant to Rule 144A under the Securities Act of $200 million of 8-3/4 percent Senior Subordinated Notes due 2000. Promus will guarantee Embassy's obligations under the Notes which will be unsecured and rank pari passu with Embassy's existing 10-7/8 percent Senior Subordinated Notes due 2002. The offering was led by Salomon Brothers Inc and co- managed by BT Securities Corporation and Morgan Stanley & Co. Incorporated.
 The net proceeds from the offering will be used to retire existing senior secured bank debt. The offering is a continuation of Promus' strategy to lengthen the maturities of its long term debt and reduce reliance on senior secured bank debt while increasing its flexibility to pursue attractive casino entertainment development opportunities.
 Promus is the parent company of four leading brand names in the casino entertainment and hotel industries: Harrah's Casino Hotels, Embassy Suites hotels, Hampton Inn hotels and Homewood Suites hotels.
 -0- 3/23/93
 /CONTACT: Ralph Berry, The Promus Companies Incorporated, 901-762-8629/
 (PRI)


CO: The Promus Companies Incorporated; Embassy Suites, Inc. ST: Tennessee IN: LEI SU: OFR

SB -- CH005 -- 8574 03/23/93 10:14 EST
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Publication:PR Newswire
Date:Mar 23, 1993
Words:210
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