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
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Notes may be withdrawn prior to the Expiration Date.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)
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.