Sandell Asset Management Corp., Solely In Its Capacity as Investment Advisor to Castlerigg Master Investments, Ltd. and Regiment Capital Ltd. Announce Tender Offer at 103.00% of Principal Amount
For Any and All 10 3/4% First mortgage Notes Due 2012 Issued by Premier
Entertainment Biloxi LLC and Premier Finance Biloxi Corp.
NEW YORK, May 22 /PRNewswire/ -- Castlerigg Master Investments, Ltd. ("Castlerigg") and Regiment Capital Ltd. ("Regiment" and together with Castlerigg, the "Purchasers") announce the commencement of a cash tender offer for any and all of the outstanding $160,000,000 aggregate principal amount at maturity of the 10 3/4 % First Mortgage Notes (CUSIP Number: 74051CAB2) (the "Notes") previously issued by Premier Entertainment Biloxi LLC ("Premier Entertainment") and Premier Finance Biloxi Corp. (together with Premier Entertainment, the "Issuers"), on the terms and subject to the conditions set forth in their Offer to Purchase dated May 22, 2006 (the "Offer"). The tender offer will expire at 5:00 p.m., New York City time, on June 20, 2006, unless extended or earlier terminated (the "Expiration Date"). Holders who validly tender their Notes prior to the Expiration Date will receive the purchase price of $1,030.00 per $1,000 principal amount of Notes accepted for purchase. Payment for the Notes will be made promptly after the Expiration Date. All holders whose Notes are accepted for payment will also receive accrued and unpaid interest up to, and including, the date of payment. Consummation of the Offer is subject to the satisfaction or waiver of various conditions as described in the Offer. Prior to satisfaction of the conditions to the Offer, the Purchasers may amend, extend or terminate the tender offer and consent solicitation at any time without making payments with respect thereto. Notes may be withdrawn prior to the Expiration Date. Requests for documents should be directed to D. F. King & Co., Inc., the Information Agent, at 48 Wall Street, New York, NY 10005, (800) 269-6427 (Toll Free) (banks and brokerage firms please call (212) 269-5550). This announcement is not an offer to purchase or a solicitation of an offer to sell with respect to any Notes. The Offer is being made solely by the Offer to Purchase dated May 22, 2006, which sets forth the complete terms of the tender offer. About Castlerigg and Regiment Castlerigg is a private investment fund incorporated in the British Virgin Islands in 1997. The fund's investment advisor is Sandell Asset Management Corp., a Cayman Islands corporation. Regiment is a private investment fund incorporated in the Cayman Islands in 2000. The fund's investment advisor is Regiment Capital Management, LLC, a Delaware limited liability company with Regiment Capital Advisors, LP as its managing member.
SOURCE Sandell Asset Management Corp.
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