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Penn National Gaming Prices $400 Million of 4.125% Senior Notes Due 2029
WYOMISSING, Pa.--(BUSINESS WIRE)-- Penn National Gaming, Inc. (Nasdaq: PENN) (“Penn National” or the “Company”) announced today the pricing of $400 million
About this update from Penn Entertainment, Inc.
[{"type":"text","content":" WYOMISSING, Pa.--(BUSINESS WIRE)--\nPenn National Gaming, Inc. (Nasdaq: PENN) (“Penn National” or the “Company”) announced today the pricing of $400 million aggregate principal amount of new 4.125% senior notes due 2029, which will be issued in a private placement. The new notes will be issued at par. The notes will be unsubordinated, unsecured obligations of Penn National and will not be guaranteed.\n\nThe issuance of the notes is expected to close on or about July 1, 2021, subject to customary closing conditions. Penn National intends to use proceeds of the proposed offering for general corporate purposes.\n\nThe notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and they may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the notes are being offered and sold only (A) to persons reasonably believed to be qualified institutional buyers in compliance with Rule 144A under the Securities Act and (B) outside the United States to persons other than U.S. persons in compliance with Regulation S under the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.\n\nAbout Penn National Gaming\n\nWith the nation's largest and most diversified regional gaming footprint, including 41 properties across 19 states, Penn National continues to evolve into a highly innovative omni-channel provider of retail and online gaming, live racing and sports betting entertainment. The Company's properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms, and operate under various well-known brands, including Hollywood, Ameristar, and L'Auberge. Our wholly-owned interactive division, Penn Interactive Ventures, LLC, operates retail sports betting across the Company's portfolio, as well as online social casino, bingo, and iCasino products. In February 2020, Penn National entered into a strategic partnershi...