Pinnacle Entertainment starts tender for 9½% notes

New York, Sept. 9 - Pinnacle Entertainment, Inc. said it has a begun a cash tender offer for all its $125 million outstanding 9½% senior subordinated notes due 2007.

The Las Vegas gaming company is offering $1,023.75 per $1,000 principal amount for notes tendered by the early tender date of 5.00 p.m. ET on Sept. 19 or $1,003.75 per $1,000 principal amount for notes tendered after that date but before the expiration date of midnight ET on Oct. 3.

Pinnacle will also pay accrued interest up to but not including the payment date.

Funding for the tender will come through a debt financing of approximately $130 million, the company said.

Following completion of the debt financing, Pinnacle intends to redeem any notes not tendered and purchased. The notes are currently redeemable at $1,023.75 per $1,000 principal amount.

The tender is subject to various conditions including completion of the proposed debt financing.

Bear, Stearns & Co. Inc. (contact global liability management group at 877 696-2327), The Bank of New York is the depositary agent and D.F. King & Co., Inc. (800 758-5378) is the information agent.

Perry Ellis to redeem 12¼% notes with bond sale proceeds

New York, Sept. 9 - Perry Ellis International, Inc. said it will redeem its 12¼% senior subordinated notes due 2006 with part of the proceeds of a planned new offering of $150 million senior subordinated notes due 2013.

The Miami men's apparel company also plans to reduce borrowings on its credit facility with proceeds from the new deal.

Varsity Brands again extends consent deadline for 10½% notes

New York, Sept. 9 - Varsity Brands, Inc. (B2/B-) said it was extending the consent deadline under its previously announced tender offer for its 10½% senior notes due 2007, to 5 p.m. ET on Sept. 9, subject to possible further extension, from the previous deadline at 5 p.m. ET on Sept. 9.

All other original terms and conditions of the tender offer and consent solicitation are unchanged. Holders who had previously tendered their securities under the offer do not need to take any further action as a result of this extension.

As previously announced, Varsity Brands, a Memphis, Tenn.-based cheerleading products company, said on Aug. 13 that was starting a cash tender offer for all of its outstanding 10½% notes (Standard & Poor's said there were $115 million of the notes currently outstanding).

The company initially set a consent deadline of 5 p.m. ET on Aug. 26 and an expiration date of 5 p.m. ET on Sept. 12 (the deadlines were subsequently extended, the consent deadline as noted, while the offer will now expire at 12 midnight ET on Sept. 12).

It offered to pay $1,037.50 per $1,000 principal amount of notes tendered, which would include a consent fee of 0.25% of the principal amount for holders who tender by the consent deadline.

Varsity Brands also said it was seeking consents to certain proposed amendments to the notes' indenture.

The company said the tender offer was being carried out in conjunction with the planned leveraged buyout of Varsity by a wholly-owned subsidiary of an affiliate of Leonard Green & Partners, LP, together with members of the company's senior management. Completion of the tender offer is conditioned upon, among other things, the consummation of the merger between Varsity Brands and VB Merger Corp., which was formed by Leonard Green & Partners for the purpose of acquiring majority ownership of Varsity.

Jefferies & Co., Inc. (800 933-6656) is dealer manager and information agent for the tender offer. The depositary is HSBC Bank USA.

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