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Pinnacle Entertainment buys $188 million 9¼% notes in tender
New York, March 19 - Pinnacle Entertainment, Inc. said it bought $188 million principal amount of its 9¼% senior subordinated notes due 2007 in its tender offer for the notes.
The Las Vegas casino company said the tender was oversubscribed, with holders submitting $199.79 million principal amount of the notes. The tender expired as scheduled at midnight ET on March 18.
As a result, the company accepted tendered securities on a pro rata basis using a factor of approximately 94%, rounded to the nearest $1,000.
In total Pinnacle paid $195.673 million.
Following the transaction $162 million of the notes remain outstanding.
Pinnacle announced on Feb. 23 that it had begun a cash tender offer for up to $190 million principal amount of its $350 million of outstanding 9¼% senior subordinated notes due 2007.
The company said that it would buy the notes at $1,032.08 per $1,000 principal amount of notes, plus accrued and unpaid interest up to, but not including, the payment date.
The company funded the tender offer through a separately announced debt financing of about $200 million.
Following completion of the proposed debt financing, Pinnacle Entertainment said in its original announcement it intends to exercise its right to redeem any notes not tendered and purchased in the tender offer. The notes are redeemable at $1,030.83 per $1,000 principal amount of such notes, plus accrued interest up to the redemption date.
Bear, Stearns & Co. Inc. (call the Global Liability Management Group, at 877 696-2327) and Lehman Brothers Inc. (call the Liability Management Group at 800 438-3242) are the dealer-managers for the tender offer. D.F. King & Co. Inc. is the information agent (call 800 758-5378). The Bank of New York is the depositary agent.
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