Debt (Tables)

9 Months Ended

Sep. 30, 2016



	September 30, 2016						December 31, 2015
(In millions)	Face Value			Book Value			Book Value
CERP	$	4,586		$	4,528		$	4,627
CGP	2,336			2,278			2,337
Total Debt	6,922			6,806			6,964
Current Portion of Long-Term Debt	(51		)	(51		)	(187		)
Long-Term Debt	$	6,871		$	6,755		$	6,777

Unamortized discounts and deferred finance charges				$	116		$	132
Fair value	$	7,082

Annual Estimated Debt Service Requirements

Estimated Debt Service Payments ⁽¹⁾

(In millions)	Remaining 2016		2017		2018		2019		2020		Thereafter		Total
Long-Term Debt Principal
CERP	$	10	$	26	$	25	$	25	$	3,350	$	1,150	$	4,586
CGP	6		21		25		199		300		1,785		2,336
Total principal	16		47		50		224		3,650		2,935		6,922

Estimated Interest
CERP	190		380		380		380		340		130		1,800
CGP	80		180		180		180		150		130		900
Total interest	270		560		560		560		490		260		2,700

Principal and Interest
CERP	200		406		405		405		3,690		1,280		6,386
CGP	86		201		205		379		450		1,915		3,236
Total principal and interest	$	286	$	607	$	610	$	784	$	4,140	$	3,195	$	9,622

____________________


⁽¹⁾	Debt principal payments are estimated amounts based on maturity dates and potential borrowings under our revolving credit facility. Interest payments are estimated based on the forward-looking LIBOR curve. Actual payments may differ from these estimates.

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	Cromwell Maximum SSLR	Q2 2016 - Q1 2017	5.00	to 1.00
Cromwell Credit Facility	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



	September 30, 2016								December 31, 2015
(Dollars in millions)	Final Maturity	Rate(s) ⁽¹⁾	Face Value			Book Value			Book Value
CERP Credit Facility
CERP Revolving Credit Facility⁽²⁾	2018	variable	$	—		$	—		$	80
CERP Term Loan ⁽³⁾	2020	7.00%	2,431			2,391			2,403
CERP Notes
CERP First Lien Notes	2020	8.00%	1,000			993			992
CERP Second Lien Notes	2021	11.00%	1,150			1,139			1,138
Capital lease obligations and other	2016 to 2017	various	5			5			14
Total CERP Debt			4,586			4,528			4,627
Current Portion of CERP Long-Term Debt			(30		)	(30		)	(117		)
CERP Long-Term Debt			$	4,556		$	4,498		$	4,510

____________________


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


⁽²⁾	Variable interest rate for amounts currently borrowed is determined by adding LIBOR to a base rate of 6.00%.


⁽³⁾	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 September 30, 2016.

Caesars Growth Partners, LLC [Member]

Debt Instrument [Line Items]

Summary of Debt by Financing Structure

CGP Debt



	September 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 Revolving Credit Facility ⁽²⁾	2019	variable	$	—		$	—		$	45
CGPH Senior Secured Term Loan ⁽³⁾	2021	6.25%	1,149			1,120			1,126
CGPH Notes	2022	9.38%	675			661			660
Cromwell Credit Facility ⁽⁴⁾	2019	11.00%	172			168			169
Horseshoe Baltimore Credit and FF&E Facilities
Horseshoe Baltimore Revolving Facility Loan ⁽⁵⁾	2018	variable	—			—			—
Horseshoe Baltimore Credit Facility ⁽⁴⁾	2020	8.25%	298			287			288
Horseshoe Baltimore FF&E Facility⁽⁴⁾⁽⁶⁾	2019	8.75%	23			23			27
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	1			1			4
Total CGP Debt			2,336			2,278			2,337
Current Portion of CGP Long-Term Debt			(21		)	(21		)	(70		)
CGP Long-Term Debt			$	2,315		$	2,257		$	2,267

____________________


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


⁽²⁾	Variable interest rate calculated as LIBOR plus 5.00%.


⁽³⁾	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 September 30, 2016.


⁽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 September 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