Pinnacle gets us$ 2.86 billion in loans backing Ameristar purchase
The Las Vegas-based company may also seek a senior unsecured bridge loan of as much as us$ 315 million if it is unable to sell senior unsecured notes of the same amount before the completion of the Ameristar acquisition.
The company was in talks with the US Federal Trade Commission to settle a complaint looking to block its us$ 2.8 billion acquisition of Ameristar that was announced in December, two people familiar with the matter said last month. Pinnacle has us$ 1.44 billion in long-term debt with leverage, or the ratio of debt to earnings before interest, taxes, depreciation and amortization, of 5.8 times, according to data compiled by Bloomberg.
The acquisition will more than double Pinnacle’s operating properties to 17 in 13 different locations, the company said in a December 21 statement. In a revolving line of credit, money may be borrowed again once it’s repaid; in a term loan it can’t.
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