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Pinnacle Entertainment marketing $350M term loan

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Capital Markets View – January 2021


Pinnacle Entertainment marketing $350M term loan

PinnacleEntertainment Inc. subsidiary, PNK Entertainment Inc., intends tosyndicate a $350 million term loan B facility in connection with the of the company with asubsidiary of Gaming and LeisureProperties Inc. and the spinoff of PNK Entertainment to existingshareholders.

Pinnacle's real estate will be taken over by Gaming andLeisure under the merger deal.

Pinnacle said March 30 that PNK Entertainment is seekinglong-term financing in connection with its spinoff, and has receivedcommitments for a $400 million revolving credit facility and a $185 millionterm loan A facility. Those commitments are subject to, among otherconditions, raising additional funding of $575 million to $650 million underthe term loan B facility and senior notes.

PNK Entertainment will use the debt raised under thelong-term financing to finance the merger, the spinoff and related transactions, andprovide for on-going working capital after the spinoff.

In the event that PNK Entertainment is unable to issue theterm loan B facility and the senior notes on satisfactory terms in connection withthe abovementioned initiatives, the firm will probably borrow under a $1.1billion one-year bridge facility in order to finance the transactions.