Pinnacle EntertainmentInc. unit PNK Entertainment Inc. on April 13 priced its proposed $300million term loan B facility.
The term loans will be issued at a price equal to 99.75% of theirface value and bear interest at a rate equal to LIBOR plus 3.00%.
The loan facility is proposed to be entered into in connectionwith Pinnacle's proposed mergerwith a Gaming and Leisure PropertiesInc. unit and the related spinoffof PNK to Pinnacle shareholders.
The company will use the proceeds of the loan facility, alongwith other debt proceeds raised by PNK, to finance payments required in connectionwith the merger.
The closing of the proposed loan facility is expected to takeplace April 28, subject to customary closing conditions.