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Company Refinances Debt

Pinnacle Entertainment Inc. has issued $100 million in senior subordinated notes at 8.25 percent to repurchase a portion of its 9.25 percent senior subordinated notes due 2007.

Banc of America Securities analyst David Vas lowered his rating on the Las Vegas company to "neutral" from "buy."

Shares are up more than 50 percent since the summer and the stock is approaching its real value, Vas said.

The company recently entered into an agreement with FelCor Lodging L.P. to purchase the Embassy Suites St. Louis.

Pinnacle is expected to complete its $365 million L'Auberge du Lac resort in Lake Charles, La. by spring.

Shares fell 11 cents to $18.07 in early trading today.

Copyright © Las Vegas Sun. Inc. Republished with permission.

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