CAESARS WORLD COMMENCES PUBLIC OFFERING
CAESARS WORLD COMMENCES PUBLIC OFFERING LOS ANGELES, Aug. 5 /PRNewswire/ -- Caesars World Inc.
(NYSE: CAW) today announced the public offering of $150,000,000 aggregate principal amount of its 8 7/8 percent senior subordinated notes due 2002. The offering is being underwritten by Merrill Lynch & Co., Bear Stearns & Co. Inc. and Oppenheimer & Co. Inc.
The company stated that it intends to use the net proceeds from the sale of the senior subordinated notes, together with bank borrowings or other available funds, to repay, redeem or repurchase outstanding indebtedness, including its outstanding 13 1/2 percent subordinated notes due 1997. Upon completion, the redemption of the outstanding 13 1/2 percent subordinated notes is expected to result in an extraordinary after- tax charge of approximately $6,400,000, or 26 cents per share, which will reduce net income for the quarter ended July 31, 1992. This charge reflects unamortized original issue discount and debt issuance costs of the outstanding 13 1/2 percent subordinated notes and the premium to be paid in connection with the redemption thereof in each case net of income tax benefit. The company noted that upon completion, these transactions will result in substantially reduced interest charges for the company. A copy of the prospectus supplement may be obtained from Richard M. Kelley, treasurer, Caesars World Inc., 1801 Century Park East, Los Angeles, CA 90067. -0- 8/5/92 /CONTACT: Jack Leone of Caesars World, 310-552-2711, ext. 263/ (CAW) CO: Caesars World Inc. ST: California IN: CNO LEI SU: OFR
KJ-EH -- LA031 -- 7284 08/05/92 16:59 EDT
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|Date:||Aug 5, 1992|
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