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Penn National Gaming Announces Public Offering of Common Stock and Convertible Senior Notes Due 2026
WYOMISSING, Pa.--(BUSINESS WIRE)-- Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) today announced that it has commenced an
About this update from Penn Entertainment, Inc.
[{"type":"text","content":" WYOMISSING, Pa.--(BUSINESS WIRE)--\nPenn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) today announced that it has commenced an underwritten public offering of $250 million of shares of common stock of the Company (the “Common Stock Offering”) and an underwritten public offering of $250 million aggregate principal amount of Convertible Senior Notes due 2026 (the “Convertible Notes” and such offering, the “Convertible Notes Offering”).\n\n\nThe Company intends to grant the underwriters a 30-day option to purchase up to $37.5 million of additional shares of its common stock in the Common Stock Offering and a 30-day option to purchase up to $37.5 million aggregate principal amount of additional Convertible Notes in the Convertible Notes Offering. The Company expects to use the net proceeds from the Common Stock Offering and the Convertible Notes Offering for general corporate purposes. Neither of the closings of the Common Stock Offering or the Convertible Notes Offering is conditioned upon the closing of the other offering.\n\n\nGoldman Sachs & Co. LLC and BofA Securities are acting as joint book-running managers for the Common Stock Offering and the Convertible Notes Offering. A shelf registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and has become effective. Each of the Common Stock Offering and the Convertible Notes Offering may be made only by means of a prospectus supplement and an accompanying base prospectus. The preliminary prospectus supplements and accompanying base prospectus relating to each of the Common Stock Offering and the Convertible Notes Offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the preliminary prospectus supplements and accompanying base prospectus relating to the Common Stock Offering and the Convertible Notes Offering may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, or by email at [email protected] or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department, or via email: [email protected].\n\n\nThis press release does not constitute an offer to sel...