Pinnacle purchases $75 million of 8¼% notes in oversubscribed offer

By Angela McDaniels

Tacoma, Wash., Aug. 26 - Pinnacle Entertainment Inc. said it received tenders for $211,874,000 of its 8¼% senior subordinated notes due 2012 during a tender offer that expired at midnight ET on Aug. 25.

The company offered to purchase up to $75 million of the notes. Because the offer was oversubscribed, the notes were accepted for purchase on a pro rata basis. The proration factor was 34.5%.

Of the notes accepted for purchase, $57.61 million were tendered prior to midnight ET on Aug. 7, which was the early tender deadline, and purchased on Aug. 12.

The remaining $17.39 million of notes accepted for purchase were tendered after Aug. 7 and prior to the offer expiration.

Holders received $1,020.63 per $1,000 principal amount plus accrued interest.

The tender offer began July 30 and was funded with some of the proceeds from the company's recent $450 million offering of 8 5/8% senior notes due 2017.

J.P. Morgan Securities Inc. (800 245-8812) and Bank of America Merrill Lynch (888 292-0070 or collect 980 387-4536) were the dealer managers. D.F. King & Co., Inc. (800 758-5378) was the information agent.

Pinnacle Entertainment is a Las Vegas-based owner and operator of casinos.

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