Penn National Gaming to use unsecured debt in tender for 5 7/8% notes

Portland, Ore., Jan. 6 – Penn National Gaming, Inc. disclosed in a Friday press release that it intends to use proceeds from a new senior unsecured debt offering to help fund a tender offer for $300 million of its 5 7/8% senior notes due 2021.

The tender, which was also announced on Friday, is being run by dealer manager J.P. Morgan Securities LLC. It expires on Jan. 19.

Proceeds, along with proceeds from $1.5 billion of amended senior secured credit facilities, which were also announced on Friday, and cash on hand will be used to refinance existing credit facilities and for general corporate purposes, in addition to the tender.

Penn National Gaming is a Wyomissing, Penn.-based owner and manager of gaming and racing facilities and video gaming operations.

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