Pinnacle to make additional investment in Asian Coast Development
The Subscription Agreement provides that Pinnacle Entertainment will invest an additional us$ 15.6 million in convertible preferred stock of ACDL, subject to the satisfaction of certain conditions, as part of a previously disclosed total capital raise by ACDL of us$ 60 million. The transaction will be funded in two stages, the first of which, comprising 85% of the total capital raise, closed and funded today. The remaining 15% is scheduled to close by the end of September 2012.
The us$ 60 million capital raise, along with ACDL's previously secured financing commitments and a to-be obtained working capital facility, is expected to provide sufficient capital for the opening of Phase A-1 of the MGM Grand Ho Tram. In addition, a portion of the us$ 60 million capital raise is intended to fund a signature Greg Norman golf course, which is expected to open in 2013, and other elements of ACDL's Ho Tram Strip master plan. Phase A-1 of MGM Grand Ho Tram remains on track to open in the first quarter 2013.
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