Penn National Gaming expected to price $200 million 10-year notes Thursday

By Paul A. Harris

St. Louis, Feb. 23 - Penn National Gaming Inc. plans to price $200 million of 10-year senior notes (B3/B) in a quick-to-market transaction on Thursday, according to syndicate sources.

No price talk was available on Wednesday as Prospect News went to press.

The notes will be non-callable for five years.

Deutsche Bank Securities has the books for the Rule 144A offering. Calyon Securities, Wells Fargo Securities, Goldman Sachs & Co., Lehman Brothers, Merrill Lynch & Co. and SG Corporate & Investment Banking are the co-managers.

The company will use the proceeds to call its 11 1/8% senior subordinated notes due 2008, which became callable at 105.563 on Feb. 10.

The prospective issuer is a Wyomissing, Pa., gaming firm with casinos and horse racing facilities in nine jurisdictions.

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