Gambling Debt Isn't Always Bad

Laughlin, Kate
March 2006
Investment Dealers' Digest;3/20/2006, Vol. 72 Issue 11, p14
Trade Publication
The article reports on the rush of leveraged finance business arising from Pinnacle Entertainment's agreement to acquire Aztar. The union will create a top U.S. gaming company and extend Pinnacle's business into Atlantic City and Las Vegas. Aztar is priced at $1.45 billion with $723 million in debt to be assumed. It is reported that the deal will be financed either in whole or large part in debt markets. Bear Stearns and Lehman Brothers have committed themselves to initial funding. In addition to acquisition financing, Pinnacle and Aztar are expected to refinance their existing bank facilities.


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