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Pinnacle Entertainment Inc Announces Marketing Of Term Loan And Revolving Credit Facility

Monday, 15 Jul 2013 07:00am EDT 

Pinnacle Entertainment Inc announced that it intends to commence a financing transaction and that it is in the process of seeking commitments for a $1.6 billion term loan and a $1.0 billion revolving credit facility. The revolving credit facility is expected to mature in five years and the term loan is expected to mature in seven years, subject to earlier maturity under certain customary circumstances. The Company will begin to market the term loan and revolving credit facility to a lender group. The Company intends to use the proceeds of the new senior secured credit facility to finance the aggregate cash consideration for its pending acquisition of Ameristar Casinos, Inc., refinance its existing credit facilities, pay related transaction fees and expenses, redeem its existing 8.625% senior notes due 2017 and provide working capital and funds for general corporate purposes after the acquisition. If the acquisition of Ameristar Casinos is not consummated, the Company does not expect to enter into the new term loan and revolving credit facility. 

Company Quote

-0.54 -2.10%
4:00pm EDT