Pinnacle announces cash tender offer for up to us$ 75 million

The consideration to be paid for validly tendered Notes will be equal to us$ 1,020.63 per us$ 1,000 principal amount of such Notes for Notes tendered on or prior to the expiration date. The aggregate principal amount of Notes currently outstanding is us$ 275 million. The company intends to fund the tender offer through a debt financing.

The early tender date is 12:00 midnight, New York City time, on Tuesday, August 11, 2009, unless extended or earlier terminated. Tendered Notes may not be withdrawn after the early tender date except as required by applicable law. Promptly following the early tender date, the company expects to accept and purchase a portion of notes tendered prior to the early tender date, as more fully set forth in the Offer to Purchase.

Holders whose Notes are validly tendered and accepted for purchase will be paid accrued and unpaid interest to, but not including, the day the company deposits with the depositary funds sufficient to purchase Notes accepted in the tender offer on the early payment date or the final payment date, as the case may be.

If more than us$ 75 million in aggregate principal amount of Notes is properly tendered on or before the expiration date of the tender offer, the company intends to purchase such Notes on a pro rata basis, based on principal amount tendered and regardless of when such Notes were tendered, up to us$ 75 million in aggregate principal amount. The company's obligation to accept Notes tendered and to pay the Purchase Price is subject to a number of conditions that are set forth in the Offer to Purchase and the Letter of Transmittal for the tender offer, including the completion of the proposed debt financing.

J.P. Morgan and BofA Merrill Lynch have been retained as the dealer managers for the tender offer. The Bank of New York Mellon Trust Company is the depositary agent in connection with the tender offer and D.F. King & Co. is the information agent.