Pinnacle Entertainment’s $300 million eight-year notes whispered in low 6% range; pricing Tuesday

By Paul A. Harris

Portland, Ore., April 12 – Pinnacle Entertainment, Inc. plans to price a $300 million offering of eight-year senior notes on Tueday, according to market sources.

The Rule 144A and Regulation S offering is being guided to price with a yield in the low 6% context.

J.P. Morgan Securities LLC is the lead manager.

The notes come with four years of call protection.

The Las Vegas-based gaming company plans to use the proceeds to refinance Pinnacle’s obligation with a subsidiary of Gaming & Leisure Properties, Inc., the related spinoff of PNK Entertainment to stockholders of Pinnacle.

The issuing entity will be PNK Entertainment, Inc., a wholly owned subsidiary of Pinnacle Entertainment.

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