The Ledger
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Elliott secured Caesars bankruptcy date agreement to trigger CDS payout
“And he had been running very tough negotiation with Apollo and struck a very, very tough deal because he knew that Apollo needed an ally really badly. And so he got all sorts of goodies, including a convertible preferred security, as well as one of these well-…”
Caesars' B-7 loan eliminated its maintenance covenant and parent guarantee
“And they offered them very, very generous fees, among other things, to participate in this transaction that accomplishes three things. One, it's gonna give them some liquidity to refinance out some of their other debt. Two, it's going to remove the most onerou…”
Examiner found $5B in potential claims against Caesars and PE executives
“Richard Davis, a former Watergate prosecutor, chosen as an examiner at the beginning of the case and gets deep access and interviews, you know, 75 different people who are designing and behind these transactions. Goes through millions of documents with a team …”
Caesars restructuring centered on fraudulent conveyance accusations over property transfers
“The mass tort in the case of Caesars is the accusation of fraudulent conveyance in these transactions where many of the top properties of the Caesars opco ended up in these affiliated entities where Apollo owned them, and they were out of the hands of Creditor…”
Apollo and TPG transferred Caesars casinos to bankruptcy-remote entities
“Apollo and TPG executed a series of these complex asset deals, asset transfers, financial engineering, where more money is put in the business. They buy casinos from the existing Caesars and Harris Opgo, all in an attempt, ostensibly, to Keep everybody's inves…”
Caesars restructuring became a PE roadmap rather than a cautionary tale
“Caesars ended up being less of a cautionary tale and more of a roadmap, and the reason for that, I think, is very simple. People realized that after this deal, Apollo raises a twenty-five billion dollar fund, and the LP community didn't really penalize them, a…”
Caesars eliminated its parent guarantee by selling OpCo equity
“The guarantee can go away according to the indentures through three different conditions. One of those conditions is if the OPCO is no longer a wholly owned subsidiary. So if they sell five percent or some portion of the OPCO stock to third parties, the guaran…”
Caesars creditors achieved above-par recoveries across debt tranches in restructuring
“You're talking about there was a 66 cent settlement for the second liens, but that came with equity options that ultimately took that above par. For the first liens, they were paid out at par plus these convertible preferred that brought that well above par. T…”
Apollo raised record PE fund following Caesars bankruptcy loss
“And while it was a Huge loss for Apollo and TPG. Their reputations of being able to fight for their LPs allowed them to immediately after the conclusion of the bankruptcy and the confirmation in 2017, two years later, they raised the largest private equity fun…”
GSO and BlackRock received roughly $220 million for Caesars B-7 loan
“First they had to get a couple of commitments from GSO and from BlackRock, which I think they committed to about half of this 1.7 billion dollar renew financing to be the seventh tranche of this term loan. And they got something like two hundred twenty million…”
Dave Miller's Caesars instrument made Elliott Management nine figures
“Dave Miller Home run with this incredibly innovative convertible preferred instrument that he just slipped into the RSA and continued to get like re-upped as the Caesars case went on. It probably made Elliott nine figures.”
Caesars second-lien holders filed involuntary bankruptcy ahead of Apollo
“And at this point, because the second liens have been shunted from the negotiations, they have a plan to file an involuntary bankruptcy, which is very rare. They pushed that two days prior to the bankruptcy that Caesars is filing.”
Caesars sold interactive gaming unit for $4B to fund bankruptcy settlement
“The interactive gaming business that is just kind of chugging along wasn't even allowed to pursue online gambling and just wound up being sort of a not for gambling poker game on your cell phone with the world series of poker brand winds up becoming a four bil…”
Caesars buyout took 14 months between signing and closing
“As we talk about in the book, there's this fourteen-month gap between signing and closing from December of 2006, essentially the peak of the market to Early 2008 when the financial crisis is just on the doorstep.”
Oaktree held a major position in Caesars second-lien bonds by 2014
“Oak tree was probably the main example of a large fund with multiple investments in Caesars from the very beginning. And by 2014, one of their largest position was in the second lien bonds.”
Caesars OpCo raised $18 billion in loans and high-yield bonds
“There is two basic components of the capital structure. So if there's twenty four billion dollars of debt, there's one vehicle which we'll call the Caesars or Harrah's Opco, where most of the casinos are, and that would raise eighteen billion dollars of tradit…”