Harrah’s To Pay $250M To Buy Back Loans

11-02-2009 | Source: emii.com

Casino operator, Harrah’s Entertainment, is paying $250 million to buy back some commercial mortgage-backed securities, The Associated Press reports. The Las Vegas-based company will pay between 25 and 30 cents on the dollar and will cancel the loans it purchases.

Harrah’s has $6.5 billion in securities that will mature in 2013, which are leveraged against the company’s operating assets, including the Rio, Flamingo and Harrah’ s Las Vegas, adds Las Vegas Review Journal. The company has $19.3 billion in long-term debt through June 30 and has lost $1.6 billion in the third quarter.

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