Casino operator Pinnacle Entertainment has announced today that it has received commitments from a syndicate of lenders for a $325 million incremental term loan under its current credit facility.
The term loan will be issued at a price of 99.0% with an interest rate of 300 basis points over LIBOR and a 1.0% LIBOR floor. The term loan is expected to mature in March 2019.
Pinnacle intends to use a portion of the net proceeds of the term loan to redeem a portion of its 7.5% senior subordinated notes due 2015 at a redemption price equal to 103.75% of par, plus accrued and unpaid interest.
888games, the instant slots & scratch card game site, has added another video slot to its repertoire in time for the St. Patrick’s Day festivities. Named Leprechaun’s Luck, the slot is a charming 5 reel, 20 line progressive jackpot game that features two fun bonus rounds. “Colourful graphics, a 3D Leprechaun, excellent audio, and a £15,000 jackpot top the experience off,” a press release stated.
New players to 888games are also invited to grab the jackpot in 888games’ Leprechaun’s Luck with £5 free when registering.
Elray Resources subsidiary, Elray Gaming, announced that it has concluded its acquisition of Intellectual Property that will allow Elray to build unique “cutting edge web technology” that will be marketed under the brand CrazyJapps.
The developer of turnkey online gaming and technology products said in a press release today that it is already in the process of beta testing this technology, including its own branded browser plug-in Toolbar applications that will allow users to find discounts on general merchandise and services for online poker, casinos, and gaming websites.
CEO of Elray, Mr. Goodman, said: “This acquisition of cutting edge technology by Elray is extremely valuable and will result in substantial revenues. The overall market for virtual goods in the US is headed towards $2.9 billion for 2012, up from $2.2 billion this year, and $1.6 billion in 2010.” Mr. Goodman also stated that “91% of online U.S. adults access social media in a typical month; two thirds of online U.S. adults use social media.”
