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Debt (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2017

Dec. 31, 2016



	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



	As of December 31,
	2016						2015
(In millions)	Face Value			Book Value			Book Value
CERP	$	4,618		$	4,563		$	4,627
CGP	2,330			2,275			2,337
Total debt	6,948			6,838			6,964
Current portion of long-term debt	(89		)	(89		)	(187		)
Long-term debt	$	6,859		$	6,749		$	6,777

Fair value of debt	$	7,190

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	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	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	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.

Estimated Debt Service Payments ⁽¹⁾

	Years Ended December 31,
(In millions)	2017		2018		2019		2020		2021		Thereafter		Total
Principal
CERP	$	68	$	25	$	25	$	3,350	$	1,150	$	—	$	4,618
CGP	21		25		198		300		1,099		687		2,330
Total principal	89		50		223		3,650		2,249		687		6,948

Estimated Interest
CERP	390		390		400		360		130		—		1,670
CGP	180		190		190		160		90		40		850
Total interest	570		580		590		520		220		40		2,520

Principal and Interest
CERP	458		415		425		3,710		1,280		—		6,288
CGP	201		215		388		460		1,189		727		3,180
Total principal and interest	$	659	$	630	$	813	$	4,170	$	2,469	$	727	$	9,468

Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities

Summary of Debt and Revolving Credit Facility Cash Flows from Financing Activities

	December 31, 2016					December 31, 2015
(In millions)	Proceeds		Repayments			Proceeds		Repayments
CERP Term Loan	$	—	$	(25	)	$	—	$	(25	)
CERP Senior Secured Revolver	105		(145		)	230		(330		)
CGPH Term Loan	—		(12		)	—		(12		)
CGPH Senior Secured Revolving Credit Facility	15		(60		)	80		(35		)
Horseshoe Baltimore Credit Facility	—		(3		)	—		—
Horseshoe Baltimore FF&E Facility	—		(5		)	—		(3		)
Cromwell Credit Facility	—		(3		)	—		(10		)
Other debt activity	—		(10		)	—		(25		)
Capital lease payments	—		(5		)	—		(10		)
Total	$	120	$	(268	)	$	310	$	(450	)

Credit Facilities



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	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.



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	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

CERP

Debt Instrument [Line Items]

Summary of Debt

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.

CERP Debt

	As of December 31,
	2016								2015
Detail of Debt (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		$	40		$	80
CERP Term Loan⁽³⁾	2020	7.00%	2,425			2,387			2,403
CERP Notes
CERP First Lien Notes	2020	8.00%	1,000			993			992
CERP Second Lien Notes	2021	11.00%	1,150			1,140			1,138
Capital lease obligations and other	to 2017	various	3			3			14
Total CERP Debt			4,618			4,563			4,627
Current portion of CERP Long-Term Debt			(68		)	(68		)	(117		)
CERP Long-Term Debt			$	4,550		$	4,495		$	4,510

____________________


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


⁽²⁾	Variable interest rate for amounts currently borrowed is calculated 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 December 31, 2016.

CGP

Debt Instrument [Line Items]

Summary of Debt

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⁾	2019	variable	$	—		$	—		$	—
CGPH Senior Secured Term Loan ⁽³⁾	2021	6.25%	1,143			1,117			1,119
CGPH Notes	2022	9.38%	675			663			662
Cromwell Credit Facility ⁽⁴⁾	2019	11.00%	171			167			167
Horseshoe Baltimore Credit and FF&E Facilities
Horseshoe Baltimore Revolving Facility Loan ⁽⁵⁾	2018	variable	—			—			—
Horseshoe Baltimore Credit Facility ⁽⁴⁾	2020	8.25%	296			287			287
Horseshoe Baltimore FF&E Facility⁽⁴⁾⁽⁶⁾	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⁾	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 March 31, 2017.


⁽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, 2017.


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


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

CGP Debt

	As of December 31,
	2016								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%	1,146			1,119			1,126
CGPH Notes	2022	9.38%	675			662			660
Cromwell Credit Facility⁽⁴⁾	2019	11.00%	171			167			169
Horseshoe Baltimore Credit and FF&E Facilities
Horseshoe Baltimore Revolving Facility Loan⁽⁵⁾	2018	variable	—			—			—
Horseshoe Baltimore Credit Facility⁽⁴⁾	2020	8.25%	297			287			288
Horseshoe Baltimore FF&E Facility⁽⁴⁾⁽⁶⁾	2019	8.75%	22			22			27
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	various	—			—			4
Total CGP Debt			2,330			2,275			2,337
Current Portion of CGP Long-Term Debt			(21		)	(21		)	(70		)
CGP Long-Term Debt			$	2,309		$	2,254		$	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 December 31, 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 December 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details