Pinnacle to offer 10 million newly issued shares of common stock
The company also intends to grant to the underwriters of the proposed offering an option to purchase up to an additional 1.5 million newly issued shares of common stock. Upon the completion of the offering, Pinnacle anticipates having approximately 58.2 million shares of common stock outstanding, assuming the option to purchase additional shares is not exercised.
The company expects to use the proceeds of this offering for general corporate purposes and for one or more of its capital projects, including expansions at existing facilities, its St. Louis construction projects, its Sugarcane Bay and Atlantic City development projects, and possible other future development projects. Bear, Stearns & Co. and Lehman Brothers will act as joint book- running managers of the offering.
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