Harrah’s Entertainment to swap existing debt for $720M in new notes due 2017

Harrah’s offers $720M in new notes to repay debt

LAS VEGAS — Casino giant Harrah’s Entertainment says it’ll offer $720 million in new secured notes to give it more time to repay lenders.

The private Las Vegas-based company said Tuesday that it will use the proceeds from selling the new notes, which will be due 2017, to repay debt that is due much sooner.

Harrah’s had $19.3 billion in long-term debt as of June 30. A Securities and Exchange Commission filing in August showed $661.2 million was due by the end of 2011.

During its second quarter, the company swapped $5.4 billion in debt for $3.6 billion in new notes due 2018.

It also paid off $1.3 billion through tender offers or open market purchases and issued $1.4 billion in new notes due 2017.