It will redraw borrowings to fund its Baton Rouge project
Pinnacle closes issuance of us$ 350 million of new 8.75% senior subordinated notes
(US).-Pinnacle Entertainment announced that it has closed the previously announced private offering of us$ 350 million in aggregate principal amount of new 8.75% senior subordinated notes due 2020. The notes were issued at par.
2010-05-10
Reading time 27 seg
The company will use a portion of the net proceeds from this offering to redeem all of its existing 8.25% senior subordinated notes due 2012 and to repay all us$ 80 million in outstanding revolving credit borrowings under its credit facility.
It will redraw borrowings to fund its Baton Rouge project as construction proceeds. The firm will also use the remaining net proceeds from the offering for general corporate purposes, including funding its Baton Rouge project.
The new senior subordinated notes have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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