Harrah's Entertainment Inc. announced plans to sell $500 million in senior debt.
The 10-year senior notes will yield 8 percent. The note sale is expected to close Jan. 29, with proceeds going toward reducing debt on the company's credit facilities.
Standard & Poor's assigned a BBB- rating to the note offering, and confirmed its BBB- corporate credit rating on Harrah's with a stable outlook. The BBB- rating is considered investment grade.
S&P based its rating on Harrah's "well-diversified portfolio of casino properties, solid operating track record, stable cash flow base, innovative marketing systems, customer loyalty program and well-regarded brand names."
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