Casino operator Pinnacle Entertainment filed a registration statement today with the Securities and Exchange Commission in which the company intends to propose a public offering and commence a financing transaction to offer $250 million of new senior subordinated notes in 2022.
The filing became effective today with Pinnacle being in the process of seeking commitments for an incremental term loan for the 250 million under its current credit facility.
A press release stated: “he proposed term loan is expected to mature in March 2019, provided that such date will be accelerated to (a) December 15, 2014 if any portion of the Company’s 7.5% senior subordinated notes due 2015 are outstanding on December 15, 2014, and (b) May 1, 2017 if any portion of the Company’s 8.625% senior notes due 2017 are outstanding on May 1, 2017. “
The company has begun to market the term loan to a lender group and expects to have commitments for the incremental term loan in the next few business days. However, there can be no assurance that this will actually occur.
Apex Gaming Technology subsidiary APEX Germany has announced several statements following its first in-house exhibition.
APEX Germany will offer four different cabinets to the German AWP market: The Pinnacle 22” upright, the Pinnacle SL 26” slant, the Pinnacle WM 19” wall-mounted and the Dual Slim Line 19” upright. The games’ choice continues to rise as the 20-game package Hot Magic Fruits XXL is now available to the German AWP market alongside the Magic Classic games packages.
The company announced a new technology was also shown to operators that will be released to the market in the coming weeks, as well as the LED household lights of APEX LED.
Restaurant, hospitality and entertainment company, Landry’s, has announced the expansion of its Golden Nugget Casinos, which will include The Golden Nugget Biloxi. Chairman and CEO, and Owner of Landry’s, Inc, Tilman J. Fertitta, said his gaming companies which include Golden Nugget Casinos in Las Vegas, Laughlin and Atlantic City now will expand to the South with the acquisition of the Isle Casino Hotel in Biloxi.
“I am not only excited to acquire this choice property but to grow in an area which for me has personal, family ties. We are excited to bring the Golden Nugget to Biloxi and have plans to transform the property to a luxurious and exciting hotel and casino with the highest level of service. All upgrades and improvements are expected to be completed by 2013,” he stated in a press release.
Fertitta’s plans for the Golden Nugget Biloxi is set to enhance the look and reputation of the 720 room Biloxi property, with the third largest casino hotel in the Biloxi/Gulfport marketplace being transformed into one of the premier resort destinations in the South, the company statement said.