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Moody's assigns Pinnacle notes B3, loans Ba1
Moody's Investors Service said it raised Pinnacle Entertainment Inc.'s corporate family and probability of default ratings to B1 from B2.
In addition, Moody's affirmed Pinnacle's B1 senior unsecured note rating and raised the company's existing subordinated note rating to B3 from Caa1.
Moody's also assigned a B3 to Pinnacle's proposed $250 million senior subordinated notes due 2012 and a Ba1 to the company's existing $410 million senior secured revolver due 2016 and proposed $250 million term loan due 2019.
Proceeds from the proposed term loan and note offerings will repay the company's $380 million 7 ½% senior subordinated notes due 2015 and add about $45 million of cash to its balance sheet.
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