Pinnacle to redeem 8 5/8% notes due 2017 using loan facility proceeds

By Susanna Moon

Chicago, July 15 - Pinnacle Entertainment, Inc. said it plans to redeem its 8 5/8% senior notes due 2017 using proceeds of a credit facility.

The company is seeking commitments for a $1.6 billion seven-year term loan and a $1 billion five-year revolving credit facility, according to a press release.

Proceeds of the new senior secured credit facility also will be used to finance the cash payment for its pending acquisition of Ameristar Casinos, Inc. and to refinance its existing credit facilities, the company noted.

Pinnacle Entertainment is a Las Vegas-based owner and operator of casinos. Ameristar is a Las Vegas-based casino gaming company.

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