For every dollar Texas billionaire Tilman Fertitta is paying Caesars Entertainment Inc. shareholders, he is assuming roughly two dollars of the casino giant’s debt.
Caesars’ nearly $12 billion debt load accounts for about two-thirds of the company’s $17.6 billion acquisition price, a structure that reflects years of acquisitions, restructurings and refinancing transactions that reshaped the casino operator’s balance sheet.
Under the terms of the agreement announced May 28, Fertitta Entertainment Inc. will acquire Caesars in an all-cash transaction valued at approximately $17.6 billion, including the assumption of about $11.9 billion in outstanding debt. Caesars shareholders would receive $31 per share in cash.
