Pinnacle Entertainment to bring $300 million notes in week ahead

By Paul A. Harris

Portland, Ore., April 8 – Pinnacle Entertainment Inc. and Pinnacle Opco are expected to come to market with a $300 million offering of senior notes (B2/BB-) during the April 11 week, according to a sellside source.

J.P. Morgan Securities LLC is expected to lead the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

The financing, which also includes a $935 million credit facility, is being done in connection with the spinoff of the operating business and the real property of Belterra Park Gaming & Entertainment into a separately traded public company (Pinnacle) and the sale of the remaining real estate assets (PropCo.) of Pinnacle to Gaming and Leisure Properties Inc.

The deal is expected to close on April 28.

BofA Merrill Lynch, Goldman Sachs & Co., Fifth Third Bank, U.S. Bank, Credit Agricole CIB, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC join left lead JPMorgan in managing the credit facility.

Pinnacle Entertainment is a Las Vegas-based owner and operator of gaming entertainment properties.

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