Pinnacle Entertainment plans private offering of $250 million senior notes due 2020
By APThursday, April 29, 2010
Pinnacle plans private offering of $250M in notes
LAS VEGAS — Pinnacle Entertainment plans a private offering of $250 million senior subordinated notes due 2020, the casino operator said Thursday.
Pinnacle plans to use most of the offering’s net proceeds to buy all of its existing senior subordinated notes due 2012, of which $200 million are outstanding. Remaining funds will be used to pay back part of the outstanding revolving credit borrowings and for development projects.
On Tuesday Pinnacle Entertainment Inc. posted a surprise first-quarter profit, helped by a substantial gain related to some property sales, as well as an insurance claim settlement.
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