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

    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     Notes may be withdrawn prior to the Expiration Date.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.