Pinnacle Entertainment, Inc. announced today that it intends to offer 8.0
million shares of its common stock under an effective shelf registration
statement on file with the Securities and Exchange Commission. The Company
also intends to grant to the underwriters of the proposed offering an
option to purchase up to 1.2 million shares of common stock to cover
over-allotments, if any. This offering represents a new financing by the
Company. Upon the completion of the offering, Pinnacle anticipates having
approximately 31.9 million shares of common stock outstanding, assuming
the over-allotment option is not exercised.
Deutsche Bank Securities Inc. will act as sole book-running manager of the
offering. In addition, Bear, Stearns & Co. Inc. and Lehman Brothers will
act as joint lead managers of the offering and SG Cowen will act as
co-manager of the offering.
Copies of the preliminary prospectus supplement relating to the offering
may be obtained from Deutsche Bank Securities Inc., Attention: Syndicate,
60 Wall Street, 4th Floor, New York, New York 10005.
This press release shall not constitute an offer to sell or a solicitation
of an offer to buy common stock nor shall there be any sale of such
securities in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Pinnacle Entertainment owns and operates eight casinos (four with hotels)
in Nevada, Mississippi, Louisiana, Indiana and Argentina, and receives
lease income from two card club casinos, both in the Los Angeles
metropolitan area. The Company is also developing a major casino resort in
Lake Charles, Louisiana and has proposed two new developments in St.