Pinnacle receives tenders of $96.6 million 9¼% notes, will pay early tender premium to all

New York, Dec. 6 - Pinnacle Entertainment Inc. said it has received tenders of $96.6 million principal amount of its 9¼% senior subordinated notes due 2007 in its offer to buy up to $97 million of the notes.

The company also said that it will now pay the early tender premium to all holders who tender, regardless of whether they did so by the early tender deadline.

All conditions to the tender, including the financing condition, have now been met or waived, Pinnacle added.

Pinnacle said on Nov. 19 it had increased the maximum amount it will buy in its cash tender offer for its 9¼% notes to $97 million from $94 million.

Other terms and conditions are unchanged.

The Las Vegas casino operator originally said it will pay $1,025.17 per $1,000 principal amount for the notes plus accrued interest for tenders before the early tender date of midnight ET on Dec. 1. After that time it said it would pay $10 less - but it has now amended the terms of the tender so that all holders will receive $1,025.17 per $1,000 principal amount.

The tender expires at 8 a.m. ET on Dec. 20.

There is currently $162 million of the notes outstanding.

Bear, Stearns & Co. Inc. (877 696-2327) and Lehman Brothers Inc. at (800 438-3242 or 212 528-7581) are dealer managers.

D.F. King & Co. Inc. is the information agent (800 859-8511).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.