LAS VEGAS, Aug. 30 /PRNewswire-FirstCall/ -- Pinnacle Entertainment, Inc. (the "Company") announced today that it has extended the expiration date of its offer to purchase any and all of the outstanding 12% Notes due 2001 (Cusip No. 740822AA9) and 13% Senior Exchange Notes due 2001 (Cusip No. 740848AF3) issued by President Casinos, Inc. (collectively, the "Notes") until 8:00 a.m., New York City time, on September 7, 2006. The previously-scheduled expiration date was 8:00 a.m., New York City time, on August 30, 2006. Subject to the satisfaction of the remaining tender offer conditions, the Company will accept and purchase any Notes validly tendered on or prior to the extended expiration date.
The terms and conditions of the tender offer for the Notes are more particularly described in the Company's Offer to Purchase dated July 19, 2006. As of August 29, 2006, approximately $74.6 million, or about 99.5% of the outstanding original principal amount of the Notes, has been tendered. Of this amount, the Company has already purchased approximately $74.1 million in original Notes validly tendered prior to or on August 15, 2006. Concurrent with the extension of the expiration date, the Company intends to purchase an additional $493,000 in original principal amount of Notes validly tendered prior to or on August 29, 2006. The Company is offering to purchase Notes at a purchase price of $809.07 per $1,000.00 of original principal amount of the Notes.
HSBC Bank USA, National Association, is the depositary agent in connection with the Tender Offer. D.F. King & Co., Inc. is the information agent for the Tender Offer. Requests for copies of the Offer to Purchase and Letter of Transmittal should be directed to the information agent at (800) 967-7635.
This announcement is not an offer to purchase or a solicitation of an offer to sell with respect to any Notes. The Tender Offer is being made solely by the Offer to Purchase dated July 19, 2006, which sets forth the complete terms and conditions of the Tender Offer. The Offer to Purchase and related Letter of Transmittal have been mailed to holders of the Notes. Holders of the Notes are urged to read the Tender Offer documents carefully because they contain important information.
About Pinnacle Entertainment
Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana, Indiana, Argentina, and the Bahamas, owns a hotel in Missouri, and owns a casino site and has significant insurance claims related to a hurricane-damaged casino and hotel complex previously operated in Biloxi, Mississippi. Pinnacle also has two casino development projects in the St. Louis, Missouri area, which are dependent upon final approval by the Missouri Gaming Commission.
