XML 20 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt (Tables)
9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Outstanding Debt
The following table presents our outstanding debt from a consolidated viewpoint. Accordingly, debt owed between consolidated entities is eliminated, and thus, is not considered outstanding. Therefore, it is excluded from the table below. See footnotes 6 and 8 to this table for greater detail.
Detail of Debt (Dollars in millions)
 
Final
Maturity
 
Rate(s)
 
Face Value
 
Book Value
 
Book Value
 
 
 
 
September 30, 2014
 
December 31, 2013
CEOC Debt
 
 
 
 
 
 
 
 
 
 
Credit Facilities(1)
 
 
 
 
 
 
 
 
 
 
Term Loans B1 - B3 (2)
 
2015
 
 
$

 
$

 
$
29.0

Term Loan B4
 
2016
 
10.50%
 
376.7

 
359.6

 
948.1

Term Loan B5
 
2017
 
5.95%
 
937.6

 
917.0

 
989.3

Term Loan B6
 
2017
 
6.95%
 
2,298.8

 
2,227.0

 
2,399.9

Term Loan B7 (3)
 
2017
 
9.75%
 
1,745.6

 
1,641.3

 

Secured Debt
 
 
 
 
 
 
 
 
 
 
Senior Secured Notes
 
2017
 
11.25%
 
2,095.0

 
2,071.5

 
2,066.4

Senior Secured Notes
 
2020
 
8.50%
 
1,250.0

 
1,250.0

 
1,250.0

Senior Secured Notes
 
2020
 
9.00%
 
3,000.0

 
2,958.8

 
2,954.5

Second-Priority Senior Secured Notes
 
2018
 
12.75%
 
750.0

 
744.7

 
743.9

Second-Priority Senior Secured Notes
 
2018
 
10.00%
 
4,502.1

 
2,572.4

 
2,433.2

Second-Priority Senior Secured Notes
 
2015
 
10.00%
 
3.8

 
3.4

 
187.7

Chester Downs Senior Secured Notes
 
2020
 
9.25%
 
330.0

 
330.0

 
330.0

Capitalized Lease Obligations
 
to 2017
 
various
 
20.0

 
20.0

 
14.7

Subsidiary-Guaranteed Debt (4)
 
 
 
 
 
 
 
 
 
 
Senior Notes
 
2016
 
10.75%
 
478.6

 
478.6

 
478.6

Senior PIK Toggle Notes
 
2018
 
10.75%/11.50%
 
12.2

 
12.2

 
10.9

Unsecured Senior Debt
 
 
 
 
 
 
 
 
 
 
5.625% (2)
 
2015
 
5.625%
 

 

 
328.3

6.5%
 
2016
 
6.50%
 
296.7

 
265.6

 
212.6

5.75%
 
2017
 
5.75%
 
233.3

 
189.9

 
115.0

Floating Rate Contingent Convertible
Senior Notes
 
2024
 
0.24%
 

 

 
0.2

Other Unsecured Borrowings
 
 
 
 
 
 
 
 
 
 
Special Improvement District Bonds
 
2037
 
5.30%
 
46.9

 
46.9

 
48.1

Other
 
2016 - 2021
 
0.00% - 6.00%
 
33.6

 
33.6

 
39.3

Total CEOC Debt
 
 
 
 
 
18,410.9

 
16,122.5

 
15,579.7

Additional Debt Discount (5)
 
 
 
 
 

 
(88.9
)
 

Total CEOC Debt, as consolidated (6)
 
 
 
 
 
18,410.9

 
16,033.6

 
15,579.7

 
 
 
 
 
 
 
 
 
 
 
CERP Debt
 
 
 
 
 
 
 
 
 
 
Secured Debt
 
 
 
 
 
 
 
 
 
 
CERP Senior Secured Loan (7)
 
2020
 
7.00%
 
2,481.3

 
2,435.5

 
2,449.7

CERP Revolver (7)
 
2018
 
8.25%
 
75.0

 
75.0

 

CERP First Lien Notes (7)
 
2020
 
8.00%
 
1,000.0

 
994.2

 
993.7

CERP Second Lien Notes (7)
 
2021
 
11.00%
 
1,150.0

 
1,141.5

 
1,140.8

Capitalized Lease Obligations
 
to 2017
 
various
 
14.7

 
14.7

 
5.4

Other Unsecured Borrowings (11)
 
 
 
 
 
 
 
 
 
 
Other
 
2016
 
0.00% - 6.00%
 
16.2

 
16.2

 
21.3

Total CERP Debt
 
 
 
 
 
4,737.2

 
4,677.1

 
4,610.9

 
 
 
 
 
 
 
 
 
 
 
Detail of Debt (continued)
(Dollars in millions)
 
Final
Maturity
 
Rate(s)
 
Face Value
 
Book Value
 
Book Value
 
 
 
 
September 30, 2014
 
December 31, 2013
CGP LLC Debt (8)
 
 
 
 
 
 
 
 
 
 
Secured Debt
 
 
 
 
 
 
 
 
 
 
CGP Term Loan (9)
 
2021
 
6.25%
 
1,172.1

 
1,139.9

 

Second-Priority Senior Secured Notes (9)
 
2022
 
9.375%
 
675.0

 
660.4

 

PHW Las Vegas Senior Secured Loan
 

 
 

 

 
456.1

Baltimore Credit Facility
 
2020
 
8.25%
 
272.5

 
262.9

 
214.5

Cromwell Credit Facility (10)
 
2019
 
11.00%
 
185.0

 
180.2

 
179.8

Capitalized Lease Obligations
 
to 2016
 
various
 
4.6

 
4.6

 
2.1

Other Unsecured Borrowing (11)
 
 
 
 
 
 
 
 
 
 
Other
 
2014 - 2018
 
0.00% - 6.00%
 
57.5

 
56.3

 
57.6

Special Improvement District Bonds
 
2037
 
5.30%
 
14.5

 
14.5

 
14.8

Total CGP LLC Debt
 
 
 
 
 
2,381.2

 
2,318.8

 
924.9

 
 
 
 
 
 
 
 
 
 
 
Total Debt
 
 
 
 
 
25,529.3

 
23,029.5

 
21,115.5

Current Portion of Long-Term Debt
 
 
 
 
 
(140.6
)
 
(140.6
)
 
(197.1
)
Long-Term Debt
 
 
 
 
 
$
25,388.7

 
$
22,888.9

 
$
20,918.4

___________________
(1) 
Guaranteed by Caesars Entertainment.
(2) 
Repaid in the third quarter 2014.
(3) 
The Term B7 Loans have a springing maturity to 90 days prior to March 1, 2017, if more than $500.0 million of CEOC's Term B5 Loan and Term B6 Loan remain outstanding on such date.
(4) 
Guaranteed by certain wholly owned subsidiaries of CEOC.
(5) 
Increase in discount on long-term debt due to distribution of CEOC notes through a dividend to a non-consolidated affiliate. See Note 5, "Caesars Growth Partners."
(6) 
$4.3 million face value of debt issued by CEOC is held by other consolidated entities.
(7) 
Guaranteed by Caesars Entertainment Resort Properties and its subsidiaries.
(8) 
As of September 30, 2014 and December 31, 2013, under the CGP LLC debt structure, CIE had $39.8 million drawn under an arrangement with Caesars Entertainment. Accordingly, such debt is eliminated in consolidation.
(9) 
Guaranteed by an indirect subsidiary of Caesars Growth Partners, LLC and certain wholly owned subsidiaries of it.
(10) 
The property that secured this debt was sold to CGP LLC in May 2014. The debt was formerly "Bill's Credit Facility." See Note 6, "Property Transaction between CEOC and CGP LLC and Related Financing."
(11) 
The December 31, 2013 value of this debt was reclassified. The property that secured this debt was sold to CGP LLC in May 2014. See Note 6, "Property Transaction between CEOC and CGP LLC and Related Financing."