Pinnacle Entertainment talks $350 million eight-year notes at 7¾% area

By Paul A. Harris

St. Louis, June 4 - Pinnacle Entertainment Inc. set price talk for its $350 million offering of eight-year senior subordinated notes (B3/B-) at the 7¾% area on Monday, according to a market source.

The offering is expected to price on Tuesday.

Lehman Brothers, Bear Stearns & Co., Deutsche Bank Securities and Banc of America Securities LLC are joint bookrunners for the Rule 144A with registration rights offering.

The notes come with four years of call protection as well as with a change-of-control put at 101.

The Las Vegas-based gaming company will use the proceeds to repay its outstanding term loans, for general corporate purposes and to fund its expansion, construction and development projects.

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