Debt (Tables)

6 Months Ended

Jun. 30, 2016



	June 30, 2016						December 31, 2015
(In millions)	Face Value			Book Value			Book Value
CERP	$	4,611		$	4,549		$	4,627
CGP	2,344			2,285			2,337
Total Debt	6,955			6,834			6,964
Current Portion of Long-Term Debt	(71		)	(71		)	(187		)
Long-Term Debt	$	6,884		$	6,763		$	6,777

Unamortized discounts and deferred finance charges				$	121		$	132
Fair value	$	6,712

Annual Estimated Debt Service Requirements

Annual Estimated Debt Service Requirements

(In millions)	Remaining 2016		2017		2018		2019		2020		Thereafter		Total
Principal
CERP	$	20	$	41	$	25	$	25	$	3,350	$	1,150	$	4,611
CGP	12		21		25		200		300		1,786		2,344
Total principal	32		62		50		225		3,650		2,936		6,955

Estimated Interest
CERP	190		380		380		380		380		120		1,830
CGP	90		180		180		180		150		150		930
Total interest	280		560		560		560		530		270		2,760

Principal and Interest
CERP	210		421		405		405		3,730		1,270		6,441
CGP	102		201		205		380		450		1,936		3,274
Total principal and interest	$	312	$	622	$	610	$	785	$	4,180	$	3,206	$	9,715

Credit Facility



Credit Facility	Covenant Type	Effective Period	Requirement
CERP Credit Facility	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 ⁽²⁾	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.


⁽²⁾	As of June 30, 2016, the Cromwell’s SSLR was 4.90 to 1.00.

Caesars Entertainment Resort Properties [Member]

Debt Instrument [Line Items]

Summary of Debt by Financing Structure

CERP Debt



	June 30, 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%	$	2,438		$	2,395		$	2,403
CERP Revolving Credit Facility⁽³⁾	2018	variable	15			15			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
Capital lease obligations and other	2016 to 2017	various	8			8			14
Total CERP Debt			4,611			4,549			4,627
Current Portion of CERP Long-Term Debt			(48		)	(48		)	(117		)
CERP Long-Term Debt			$	4,563		$	4,501		$	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 June 30, 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



	June 30, 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%	$	1,151		$	1,122		$	1,126
CGPH Senior Secured Revolving Credit Facility ⁽³⁾	2019	variable	—			—			45
CGPH Notes	2022	9.38%	675			661			660
Horseshoe Baltimore Credit and FF&E Facilities
Horseshoe Baltimore Credit Facility ⁽⁴⁾	2020	8.25%	299			287			288
Horseshoe Baltimore Revolving Facility Loan ⁽⁵⁾	2018	variable	—			—			—
Horseshoe Baltimore FF&E Facility⁽⁴⁾⁽⁶⁾	2019	8.75%	24			25			27
Cromwell Credit Facility ⁽⁴⁾	2019	11.00%	174			169			169
Other Secured Debt	2018	8.00%	4			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			2,344			2,285			2,337
Current Portion of CGP Long-Term Debt			(23		)	(23		)	(70		)
CGP Long-Term Debt			$	2,321		$	2,262		$	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 June 30, 2016.


⁽³⁾	Variable interest rate calculated as LIBOR plus 5.00%.


⁽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 June 30, 2016.


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


⁽⁶⁾	This represents an equipment financing term loan facility.

- 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