Leucadia National to tender for Premier's $160 million 10¾% first mortgage notes

By Jennifer Chiou

New York, April 11 - Leucadia National Corp. said it will tender for all of Premier Entertainment Biloxi, LLC's $160 million of 10¾% first mortgage notes due Feb. 1, 2012, according to an 8-K filing with the Securities and Exchange Commission.

The New York financial services company said the tender is part of its agreement to indirectly acquire an interest in Premier through the acquisition of AA Capital Equity Fund, LP and AA Capital Biloxi Co-Investment Fund, LP's interest in Premier. The offer will meet the requirement to tender on a change of control.

The company said it will pay 101% in the offer.

The trustee is U.S. Bank NA.

The acquisition of 44% of Premier's fully diluted common equity and $75 million of Premier's preferred equity is expected to occur by May 4.

Premier is the owner of the Hard Rock Hotel and Casino Biloxi, which was severely damaged prior to opening by Hurricane Katrina.

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