Pinnacle Entertainment buys 99.5% of President Casino's 12%, 13% notes

By Laura Lutz

Des Moines, Sept. 14 - Pinnacle Entertainment, Inc. completed its tender offer for the 12% notes due 2001 and 13% senior exchange notes due 2001 issued by President Casinos, Inc.

As of Sept. 6, $74.6 million or 99.5% of the notes had been tendered and purchased. The company has since purchased an additional $48,000 of the notes.

The offer expired at 8 a.m. ET on Sept. 13.

The deadline, originally set for Aug. 16, had previously been moved to Aug. 23, Aug. 30 and Sept. 7.

Holders of the notes were paid $809.07 per $1,000.00 principal amount of the notes.

On Aug. 15, Pinnacle said it had received tenders for $73.2 million of President's notes by the early tender date of Aug. 14.

That total represented 97.6% of the outstanding securities covered by the offer.

The tender offer, announced on July 19, was conducted as part of Pinnacle's acquisition of bankrupt President.

HSBC Bank USA, NA, is the depositary agent, and D.F. King & Co., Inc. (800 967-7635) is the information agent.

Pinnacle Entertainment is a casino operator with headquarters in Las Vegas. St. Louis-based President Casinos filed for bankruptcy on June 20, 2002 in the U.S. Bankruptcy Court for the Eastern District of Missouri. Its Chapter 11 case number is 02-53005.

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