Harrah’s Entertainment, the world’s biggest casino operator, has set the expected price range for its planned initial public stock offering and announced that it would be
The company, which is owned by TPG Capital and Apollo Global Management, plans to sell 31.25 million shares at $15 to $17 apiece when it lists on the Nasdaq stock exchange.
At the top end of that range, Harrah’s would raise $531.2 million, less than the $575 million it said it intended to raise when it first filed for the offering in October. Adding in the 30-day option granted to the underwriters to buy additional shares, the total would rise to around $611 million.
Harrah’s was acquired by Apollo and TPG in 2008 in a deal worth $27.8 billion. At the end of June this year, Harrah’s debt stood at $19.8 billion.
Citigroup, Credit Suisse, Bank of America Merrill Lynch, Deutsche Bank and Goldman Sachs are acting as joint bookrunners for the offering.
The I.P.O. is separate from a planned $710 million share sale that would see the investor John A. Paulson cashing out most of his his stake in the company.
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