Poster Financial starts change-of-control tender for 8¾% notes

By Angela McDaniels

Seattle, Oct. 27 - Poster Financial Group, Inc. said it has begun a change-of-control tender offer for its outstanding $155 million 8¾% senior secured notes due 2011.

Landry's Gaming Inc. acquired all of Poster's outstanding common stock on Sept. 27, and Poster became a wholly owned subsidiary as a result.

Poster is offering to buy the notes at 101% of the principal amount of the notes plus accrued interest up to and including the third business day after the expiration of the offer.

The offer ends at 5 p.m. ET on Nov. 28.

Holders who validly tender their notes may withdraw their tender from the offer at any time prior to the expiration time.

HSBC Bank USA, NA is the depositary and paying agent for the offer (718 488-4475).

Poster Financial Group is based in Las Vegas.

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