Debt (Tables)

3 Months Ended

Mar. 31, 2016



	March 31, 2016						December 31, 2015
(In millions)	Face Value			Book Value			Book Value
CERP	$	4,681		$	4,617		$	4,627
CGP	2,366			2,303			2,337
Total Debt	7,047			6,920			6,964
Current Portion of Long-Term Debt	(150		)	(150		)	(187		)
Long-Term Debt	$	6,897		$	6,770		$	6,777

Unamortized discounts and deferred finance charges				$	127		$	132
Fair value	$	6,273

Annual Estimated Debt Service Requirements

Annual Estimated Debt Service Requirements


(In millions)	Remaining 2016		2017		2018		2019		2020		Thereafter		Total
Principal
CERP	$	30	$	101	$	25	$	25	$	3,350	$	1,150	$	4,681
CGP	18		36		25		201		300		1,786		2,366
Total principal	48		137		50		226		3,650		2,936		7,047

Estimated Interest
CERP	340		380		380		380		390		130		2,000
CGP	150		180		180		180		160		150		1,000
Total interest	490		560		560		560		550		280		3,000

Principal and Interest
CERP	370		481		405		405		3,740		1,280		6,681
CGP	168		216		205		381		460		1,936		3,366
Total principal and interest	$	538	$	697	$	610	$	786	$	4,200	$	3,216	$	10,047

Credit Facility



Credit Facility	Covenant Type	Effective Period	Requirement
CERP Credit Facilities	CERP Maximum SSLR	From inception	8.00	to 1.00
CGPH Senior Secured Term Loan	CGPH Maximum SSLR	From inception	6.00	to 1.00
Horseshoe Baltimore Credit and FF&E Facilities⁽¹⁾	CBAC Maximum SSLR	Q1 - Q4 2016	7.50	to 1.00
	CBAC Maximum SSLR	Q1 - Q4 2017	6.00	to 1.00
	CBAC Maximum SSLR	Q1 2018 and thereafter	4.75	to 1.00
Cromwell Credit Facility	Cromwell Maximum SSLR	Q2 2015 - Q1 2016	5.25	to 1.00
	Cromwell Maximum SSLR	Q2 2016 - Q1 2017	5.00	to 1.00
	Cromwell Maximum SSLR	Q2 2017 and thereafter	4.75	to 1.00

________________________________


⁽¹⁾	CBAC Borrower, LLC (“CBAC”) is a joint venture in which Caesars Baltimore Investment Company, LLC (“CBIC”) holds an interest. CBIC is a wholly owned subsidiary of CGP.

Caesars Entertainment Resort Properties [Member]

Debt Instrument [Line Items]

Summary of Debt by Financing Structure

CERP Debt



	March 31, 2016								December 31, 2015
(Dollars in millions)	Final Maturity	Rate(s) ⁽¹⁾	Face Value			Book Value			Book Value
CERP Credit Facility
CERP Term Loan ⁽²⁾	2020	7.00%	$	2,444		$	2,399		$	2,403
CERP Revolving Credit Facility⁽³⁾	2018	variable	75			75			80
CERP Notes
CERP First Lien Notes	2020	8.00%	1,000			992			992
CERP Second Lien Notes	2021	11.00%	1,150			1,139			1,138
Capitalized Lease Obligations and other	to 2017	various	12			12			14
Total CERP Debt			4,681			4,617			4,627
Current Portion of CERP Long-Term Debt			(112		)	(112		)	(117		)
CERP Long-Term Debt			$	4,569		$	4,505		$	4,510

__________________________

⁽¹⁾Interest rate is fixed, except where noted.

⁽²⁾ Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of March 31, 2016.

⁽³⁾ Variable interest rate for amounts currently borrowed is determined by adding LIBOR to a base rate of 6.00%.

Caesars Growth Partners, LLC [Member]

Debt Instrument [Line Items]

Summary of Debt by Financing Structure

CGP Debt



	March 31, 2016								December 31, 2015
(Dollars in millions)	Final Maturity	Rate(s) ⁽¹⁾	Face Value			Book Value			Book Value
CGPH Credit Facilities
CGPH Senior Secured Term Loan ⁽²⁾	2021	6.25%	$	1,154		$	1,124		$	1,126
CGPH Senior Secured Revolving Credit Facility ⁽³⁾	2019	variable	15			15			45
CGPH Notes	2022	9.38%	675			660			660
Horseshoe Baltimore Credit and FF&E Facilities
Horseshoe Baltimore Credit Facility ⁽⁴⁾	2020	8.25%	299			288			288
Horseshoe Baltimore Revolving Facility Loan ⁽⁵⁾	2018	variable	—			—			—
Horseshoe Baltimore FF&E Facility⁽⁴⁾	2019	8.75%	26			26			27
Cromwell Credit Facility ⁽⁴⁾	2019	11.00%	175			169			169
Other Secured Debt	2018	8.00%	5			4			4
Special Improvement District Bonds	2037	5.30%	14			14			14
Capital Lease Obligations and other	2016 to 2017	various	3			3			4
Total CGP Debt			2,366			2,303			2,337
Current Portion of CGP Long-Term Debt			(38		)	(38		)	(70		)
CGP Long-Term Debt			$	2,328		$	2,265		$	2,267

___________________


⁽¹⁾	Interest rate is fixed, except where noted.


⁽²⁾	Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1% floor. The rate is set at the 1% floor as of March 31, 2016.


⁽³⁾	Variable interest rate calculated as LIBOR plus 5.25%.


⁽⁴⁾	Variable interest rate calculated as a fixed rate plus the greater of LIBOR or a 1.25% floor. The rate is set at the 1.25% floor as of March 31, 2016.


⁽⁵⁾	Variable interest rate calculated as LIBOR plus 7.00%.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details