Harrah's Entertainment on Wednesday announced a plan to exchange USD 2.8 billion in bonds for new notes with an extended due date – the latest in a series of efforts to lower the company's mounting debt burden. If approved by bondholders, the offer is expected to buy the company more time as it navigates a recession that has pummeled earnings as debts come due. The new, second priority notes carry a 10 percent interest rate, mature in 2018 and are secured by Harrah's assets.