Penn National Gaming calls $200 million 11 1/8% series B notes

By Caroline Salls

Pittsburgh, Feb. 9 - Penn National Gaming Inc. said it will redeem all $200 million outstanding of its 11 1/8% series B senior subordinated notes due March 1, 2008 at a price of $1,055.63 per $1,000 principal amount plus interest accrued to the March 10 redemption date.

The company intends to fund the redemption with available cash, borrowings under its revolving credit facility and net proceeds of private replacement financing.

Penn National is a Wyomissing, Pa., owner and operator of casino and horse racing facilities with a focus on slot machine entertainment.

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