Pinnacle Entertainment to use $400 million revolver for Meadows buy

By Tali Rackner

Norfolk, Va., March 29 – Pinnacle Entertainment, Inc. plans to use its $400 million revolving credit facility and cash on hand to fund its acquisition of Meadows Racetrack and Casino, according to a press release.

“We expect the transaction to have a marginal impact on our total leverage at closing, and expect it to be immediately accretive to our already substantial free cash flow base,” president and chief financial officer Carlos Ruisanchez said in the release.

Pinnacle reached an agreement with a subsidiary of Gaming and Leisure Properties, Inc. on Tuesday and will purchase Meadows, located in Washington, Pa., for a total consideration of $138 million.

Pinnacle Entertainment is a Las Vegas-based owner and operator of casinos.

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