Harrah’s plans to sell $1 billion in new debt
Harrah’s Entertainment announced Tuesday plans to sell $1 billion in debt and use the proceeds to retire existing loans.
The new notes will mature in 2017 and will be used to retire some term loans and revolving debt, the company said in a statement.
The company reported nearly $7.2 billion in term loans on March 31 with $1.8 billion in revolving credit facility on the same date.
Harrah’s reported $24.2 billion in long-term debt on March 31.
Harrah’s said in April it would pay $102 million and issue $3.4 billion in debt to eliminate $5.55 billion in bonds at a discount.
Fiat chief pushes bid for GM’s Opel unit
Fiat CEO Sergio Marchionne pushed his bid for General Motors Corp.’s Opel unit in talks Tuesday with German leaders, saying he had lowered his request for government financial help.
Fiat’s rivals in the race for Opel, Canadian auto parts maker Magna International Inc. and U.S. investment firm Ripplewood Holdings LLC, took their case to Opel’s employee council, whose head said Magna was in "pole position."
Interest rates mixed in Treasury auction
Interest rates on short-term Treasury bills were mixed in Tuesday’s auction but remained well below 1 percent.
The Treasury Department auctioned $31 billion in three-month bills at a discount rate of 0.175 percent, down from 0.185 percent last week.
It auctioned $30 billion in six-month bills at a discount rate of 0.3 percent, up from 0.295 percent last week.
Treasury prices dip as consumer faith jumps
Long-term Treasurys dipped Tuesday after a report showed a jump in consumer confidence.
The benchmark 10-year Treasury note fell 0.78 points to 96.47. Its yield was at 3.49 percent in late trading Tuesday, up from 3.44 percent late Friday.
The 30-year bond fell 1.59 points to 96.09. Its yield was 4.44 percent, up from 4.39 percent.