Pinnacle Entertainment Inc: Key Developments
Pinnacle Entertainment, Inc. Announces Executive Management Changes
November 9, 2009 |
| Pinnacle Entertainment, Inc. announced that Daniel R. Lee has resigned as Chairman, Chief Executive Officer and a Director of the Company to pursue other business interests. Richard J. Goeglein has been named Interim non Executive Chairman and John V. Giovenco has been named Interim Chief Executive Officer. |
Pinnacle Entertainment, Inc. Announces Final Results and Closing Of Tender Offer For Its 8.25% Senior Subordinated Notes Due 2012
August 26, 2009 |
| Pinnacle Entertainment, Inc. announced that it has accepted and purchased an additional $17,390,000 in aggregate principal amount of its outstanding 8.25% Senior Subordinated Notes due 2012 (8.25% notes) that were tendered on or prior to the expiration date in response to its tender offer for up to $75,000,000 in aggregate principal amount of its outstanding 8.25% Notes. The tender offer expired at 12:00 midnight, New York City time, on Tuesday, August 25, 2009. |
Pinnacle Entertainment, Inc. Closes Issuance of $450 Million of New 8.625% Senior Notes
August 10, 2009 |
| Pinnacle Entertainment, Inc. announced that it has closed the previously announced private offering of $450 million aggregate principal amount of new 8.625% senior notes due 2017. The notes were issued at a price of 98.597% of par to yield 8.875% to maturity. The Company will use a portion of the net proceeds from this offering to repurchase or redeem all of its existing 8.75% senior subordinated notes due 2013, to repay approximately $206 million in revolving credit borrowings under its credit facility and to repurchase or redeem $75 million in aggregate principal amount of its existing 8.25% senior subordinated notes due 2012. The Company intends to redraw revolver borrowings to fund its development projects in the future. The Company will also use the remaining net proceeds from the offering for general corporate purposes, including funding its development projects. |
Pinnacle Entertainment, Inc. Announces Cash Tender Offer For Up To $75 Million of Outstanding 8.25% Senior Subordinated Notes Due 2012
July 30, 2009 |
| Pinnacle Entertainment, Inc. announced that it intends to commence a cash tender offer for up to $75 million in aggregate principal amount of its outstanding 8.25% Senior Subordinated Notes due 2012. The consideration to be paid for validly tendered Notes will be equal to $1,020.63 per $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 $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 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. The tender offer will expire at 12:00 midnight, New York City time, on August 25, 2009, unless extended or earlier terminated. 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. |
Pinnacle Entertainment, Inc. Announces Pricing of $450 Million in Aggregate Amount of 8.625% Senior Notes Due 2017
July 28, 2009 |
| Pinnacle Entertainment, Inc. announced the pricing of $450 million aggregate principal amount of new 8.625% senior notes due 2017, which will be issued in a private placement. The notes will be issued at a price of 98.597% of par. The offering is scheduled to close on August 10, 2009. The Company intends to use a portion of the net proceeds from the offering to repurchase or redeem all of its existing 8.75% senior subordinated notes due 2013, of which $135 million in aggregate principal amount is outstanding, to repay approximately $206 million in revolving credit borrowings under its credit facility and to repurchase or redeem $75 million in aggregate principal amount of its existing 8.25% senior subordinated notes due 2012. The Company expects to redraw revolver borrowings to fund its development projects in the future. The Company also expects to use the remaining net proceeds from the offering for general corporate purposes, including funding its development projects. |
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