Pinnacle Entertainment Plans Bond Sale to Fund Ameristar Deal
Pinnacle Entertainment Inc. (PNK) plans to sell $800 million of bonds as the casino and racetrack operator raises money to complete its purchase of Ameristar Casinos Inc.
Pinnacle, which is also seeking commitments for a $1.6 billion term loan and a $1 billion revolving credit facility, intends to issue the senior unsecured notes to help finance the acquisition and redeem its $450 million of 8.625 percent debt due 2017, the Las Vegas-based company said today in a statement.
Those securities, rated B1 by Moody’s Investors Service and BB- at Standard & Poor’s, can be called next month for 104.31 cents on the dollar, according to data compiled by Bloomberg.
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