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Pinnacle Seeks 33% Bump in Credit Facility

LAS VEGAS-The locally based casino operator will ask lenders to boost its credit facility by $250 million and amend certain covenants to help it conclude its previously announced acquisition in Atlantic City.

By Brian K. Miller | Updated on September 20, 2006

(To read more on the debt and equity markets, click here.)

LAS VEGAS-Pinnacle Entertainment Inc. will ask lenders to boost its credit facility to $1 billion from $750 million and amend certain covenants and conditions in order to facilitate its acquisition of a casino in New Jersey. The locally based company earlier this month agreed to buy the Sands casino and former Traymore hotel sites in Atlantic City from a company affiliated with billionaire financier Carl Icahn’s American Real Estate Holdings LP for about $250 million.

Pinnacle’s acquisition would give it 18 acres of contiguous land along the Atlantic City Boardwalk. The company plans to scrape the sites in favor of a new casino-resort development.

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