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Lenders Boost Pinnacle Credit Facility to $1B

LAS VEGAS-The increase from $750 million was sought to facilitate its acquisition of the Sands casino and former Traymore hotel sites in Atlantic City for about $250 million.

By Brian K. Miller | Updated on November 21, 2006

LAS VEGAS-Lenders have agreed to boost Pinnacle Entertainment’s credit facility to $1 billion from $750 million. The increased borrowing capacity is meant to facilitate its acquisition of the Sands casino and former Traymore hotel sites in Atlantic City.

The increase in credit consists of $175 million in additional capacity under its revolving credit facility and an additional $75 million of funded term loans, both on virtually identical terms as those of the existing $750-million credit agreement.

Pinnacle announced in mid-September that it would seek the additional credit. The announcement came shortly after it 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, plus an additional $20 million for certain tax-related benefits and additional real estate.

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