Premier Entertainment tenders for 10¾% notes

New York, Dec. 19 - Premier Entertainment Biloxi LLC and Premier Finance Biloxi LLC said they have begun a cash tender offer and consent solicitation for any and all of their $160 million of 10¾% first mortgage notes due 2012.

Holders who tender by the consent date will receive $1,000 per $1,000 principal amount, including a consent payment of $30.00 per $1,000. Those who tender after that time will receive $970.00 per $1,000.

Premier will also pay accrued interest up to but excluding the date of payment.

The tender ends at midnight ET on Jan. 18 and the consent deadline is 5 p.m. ET on Jan. 3.

In the consent solicitation, the Biloxi, Miss., operator of the Hard Rock Hotel and Casino Biloxi is requesting approval to amend the note indenture to eliminate substantially all of the restrictive covenants.

Holders may not tender notes without delivering consents or deliver consents without also tendering.

The offer is subject to conditions including the receipt of tenders of two-thirds of the notes and the receipt of enough debt financing to repurchase the notes.

Banc of America Securities LLC is dealer manager and solicitation (contact High Yield Special Products at 704 388-4813 (collect) or 888 292-0070).

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