Debt (Tables)

3 Months Ended

Mar. 31, 2017



	March 31, 2017						December 31, 2016
(In millions)	Face Value			Book Value			Book Value
CERP	$	4,570		$	4,517		$	4,563
CGP	2,324			2,272			2,275
Total debt	6,894			6,789			6,838
Current portion of long-term debt	(46		)	(46		)	(89		)
Long-term debt	$	6,848		$	6,743		$	6,749

Unamortized discounts and deferred finance charges				$	105		$	110
Fair value	$	7,132

Annual Estimated Debt Service Requirements

Estimated Debt Service Payments ⁽¹⁾

(In millions)	Remaining 2017		2018		2019		2020		2021		Thereafter		Total
Long-Term Debt Principal
CERP	$	20	$	25	$	25	$	3,350	$	1,150	$	—	$	4,570
CGP ⁽²⁾	16		25		197		300		1,099		687		2,324
Total principal	36		50		222		3,650		2,249		687		6,894

Estimated Interest
CERP	340		390		400		360		130		—		1,620
CGP ⁽²⁾	150		190		190		160		90		40		820
Total interest	490		580		590		520		220		40		2,440

Principal and Interest
CERP	360		415		425		3,710		1,280		—		6,190
CGP ⁽²⁾	166		215		387		460		1,189		727		3,144
Total principal and interest	$	526	$	630	$	812	$	4,170	$	2,469	$	727	$	9,334

____________________


⁽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 2017	6.00	to 1.00
Horseshoe Baltimore Credit and FF&E Facilities ⁽¹⁾	CBAC Maximum SSLR	Q1 2018 and thereafter	4.75	to 1.00
Cromwell Credit Facility ⁽²⁾	Cromwell Maximum SSLR	Q2 2016 - Q1 2017	5.00	to 1.00
Cromwell Credit Facility ⁽²⁾	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.

CERP

Debt Instrument [Line Items]

Summary of Debt by Financing Structure

CERP Debt



	March 31, 2017								December 31, 2016
(Dollars in millions)	Final Maturity	Rate(s) ⁽¹⁾	Face Value			Book Value			Book Value
CERP Credit Facility
CERP Revolving Credit Facility⁽²⁾	2018	variable	$	—		$	—		$	40
CERP Senior Secured Term Loan ⁽³⁾	2020	7.00%	2,419			2,382			2,387
CERP Notes
CERP First Lien Notes	2020	8.00%	1,000			994			993
CERP Second Lien Notes	2021	11.00%	1,150			1,140			1,140
Capital lease obligations and other	2017	various	1			1			3
Total CERP Debt			4,570			4,517			4,563
Current portion of CERP long-term debt			(26		)	(26		)	(68		)
CERP long-term debt			$	4,544		$	4,491		$	4,495

____________________


⁽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 March 31, 2017.

CGP

Debt Instrument [Line Items]

Summary of Debt by Financing Structure

CGP Debt



	March 31, 2017								December 31, 2016
(Dollars in millions)	Final Maturity	Rate(s) ⁽¹⁾	Face Value			Book Value			Book Value
CGPH Credit Facilities
CGPH Senior Secured Revolving Credit Facility ⁽²⁾⁽³⁾	2019	variable	$	—		$	—		$	—
CGPH Senior Secured Term Loan ⁽²⁾⁽⁴⁾	2021	6.25%	1,143			1,117			1,119
CGPH Notes	2022	9.38%	675			663			662
Cromwell Credit Facility ⁽²⁾⁽⁵⁾	2019	11.00%	171			167			167
Horseshoe Baltimore Credit and FF&E Facilities
Horseshoe Baltimore Revolving Facility Loan ⁽⁶⁾	2018	variable	—			—			—
Horseshoe Baltimore Credit Facility ⁽⁵⁾	2020	8.25%	296			287			287
Horseshoe Baltimore FF&E Facility⁽⁵⁾⁽⁷⁾	2019	8.75%	20			20			22
Other secured debt	2018	8.00%	5			4			4
Special Improvement District Bonds	2037	5.30%	14			14			14
Total CGP Debt			2,324			2,272			2,275
Current portion of CGP long-term debt			(20		)	(20		)	(21		)
CGP long-term debt			$	2,304		$	2,252		$	2,254

____________________


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


⁽²⁾	See Note 17.


⁽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% floor. The rate is set at the 1% floor as of March 31, 2017.


⁽⁵⁾	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, 2017.


⁽⁶⁾	Variable interest rate calculated as LIBOR plus 7.00%.


⁽⁷⁾	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