Pinnacle Entertainment to price $100 million add-on to 8¼% notes due 2012 on Thursday

By Paul A. Harris

St. Louis, Nov. 16 - Pinnacle Entertainment, Inc. is expected to price a $100 million add-on to its 8¼% senior subordinated notes due March 15, 2012 on Thursday, according to an informed source.

Lehman Brothers and Bear Stearns are the bookrunners for the off-the-shelf offering.

The notes will become callable after March 15, 2008 at 104.125, with the call declining annually from that date to 102.063 and to par. The notes also contain an equity clawback until March 15, 2007 for 35% at 108.25.

Proceeds will be used to help fund the purchase of some of the company's outstanding 9¼% senior subordinated notes due 2007.

The original $200 million issue of the 8¼% notes priced at par on Feb. 27, 2004.

Pinnacle Entertainment is a Las Vegas-based gaming company.

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