Pinnacle prices offering at $32 a share |
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Published
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Fri, 12 Jan 2007 15:37
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LAS VEGAS (AFX) - Casino owner and operator Pinnacle Entertainment Inc. on Friday said it priced its public offering of 10 million shares of stock at $32 per share.The company said it expects proceeds of $320 million and will use the money for purposes such as expansions at existing facilities, its St. Louis construction projects, its Sugarcane Bay and Atlantic City development projects and other development projects it might undertake in the future.Pinnacle Entertainment selected Bear Stearns & Co. and Lehman Brothers as joint underwriters and granted the firms an option to purchase an additional 1.5 million shares to cover over-allotments. Deutsche Bank Securities Inc. will act as lead manager on the offering.Pinnacle Entertainment expects the offering to close on Jan. 18.The company had 48.1 million shares outstanding as of Nov. 6.Shares of Pinnacle Entertainment rose 26 cents to $32.65 in premarket trading, having closed Thursday at $32.39 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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