Casino operator Harrah's Entertainment Inc. Monday said about $6 billion in old notes were tendered to its $2.1 billion exchange offer that the debt-ridden company is undertaking to reduce and extend rapidly maturing debt.
Faced with an epic downturn in gaming and the economy, Harrah's in November offered to exchange bonds maturing between 2010 and 2017 for up to $2.1 billion in new second-lien notes in two classes, due in 2015 and 2018. Near-term bondholders could receive proportionately more of the new notes and those who tendered early could even receive cash.
