Harrah's Entertainment cuts long-term debt

14 August 2009

By Arnold M. Knightly

LAS VEGAS, Nevada –- Harrah's Entertainment trimmed its long-term debt in the second quarter by 20 percent, relieving pressure on debt maturing through 2011, according to a Thursday filing with the Securities and Exchange Commission.

Harrah's lowered its debt to $19.3 billion from $24.2 billion through two exchange offers and senior-debt pay downs completed in the second quarter.

Nearly $501.8 million in debt matures next year with another $168.9 million maturing in 2011. That is down from the $663.1 million and $276.7 million that were scheduled prior to the debt exchanges. There are no maturities in 2012.

The next big hurdle for the company, which owns or manages 53 casinos worldwide, will be a $6.5 billion commercial mortgage-backed securities financing that matures in 2013.

Harrah's Entertainment cuts long-term debt is republished from Online.CasinoCity.com.