Current Report Filing (8-k)
September 29 2020 - 4:43PM
Edgar (US Regulatory)
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0000921738
2020-09-24
2020-09-24
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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15(d)
OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported): September 24, 2020
PENN NATIONAL
GAMING, INC.
(Exact name
of registrant as specified in its charter)
Pennsylvania
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0-24206
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23-2234473
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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825 Berkshire
Blvd., Suite 200
Wyomissing,
PA 19610
(Address of
principal executive offices including Zip Code)
Registrant’s
telephone number, including area code 610-373-2400
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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¨
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b)
of the Act:
Title of each class
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Trading
symbol
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Name of each exchange
on which registered
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Common Stock, $0.01 par value per share
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PENN
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The Nasdaq Stock Market LLC
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Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
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Item 1.01.
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Entry into a Material Definitive Agreement.
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On
September 24, 2020, Penn National Gaming, Inc. (the “Company”) entered into an Underwriting Agreement with Goldman
Sachs & Co. LLC, BofA Securities, Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters listed
therein (the “Underwriting Agreement”), pursuant to which the Company agreed to sell, and the underwriters listed therein
agreed to purchase, subject to the terms and conditions set forth therein, 14,000,000 shares of the Company’s common stock
and, at the option of the underwriters listed therein, an additional 2,100,000 shares of the Company’s common stock.
The
Underwriting Agreement contains customary representations, warranties and agreements of the Company, conditions to closing, indemnification
rights and obligations of the parties and termination provisions. The description of the Underwriting Agreement set forth above
is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is filed as Exhibit 1.1
to this Current Report on Form 8-K and incorporated herein by reference.
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Item 7.01.
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Regulation FD Disclosure.
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On
September 29, 2020, the Company issued a press release announcing the closing of the offering described in Item 8.01 of this Current
Report on Form 8-K and the publication of an investor presentation, which include financial guidance regarding the Company’s
expected financial results for the third quarter of 2020. Copies of the press release and investor presentation are attached hereto
as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference.
In
accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including
Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current
Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933,
as amended, except as shall be expressly set forth by specific reference in such filing or document.
On
September 25, 2020, the underwriters fully exercised their option to purchase the additional 2,100,000 shares of the Company’s
common stock in accordance with the terms of the Underwriting Agreement.
On
September 29, 2020, the Company completed the public offering of 16,100,000 shares of the Company’s common stock at a public
offering price of $61.00 per share (the “Offering”). The Company completed the Offering pursuant to the Underwriting
Agreement filed as Exhibit 1.1 to this Current Report on Form 8-K. The Company expects to use the net proceeds from the
Offering for general corporate purposes, which may include, among other things, investments in long-term growth initiatives, its
brick and mortar properties and its omni-channel strategy.
The
Offering was registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a registration
statement on Form S-3 (Registration No. 333-238149) (the “Registration Statement”), filed with
the Securities and Exchange Commission (the “Commission”) on May 11, 2020. The material terms of the Offering
are described in the prospectus supplement, dated September 24, 2020, filed by the Company with the Commission on September 28,
2020, pursuant to Rule 424(b)(5) of the Securities Act, which relates to the offer and sale of the shares of common stock and supplements
the preliminary prospectus supplement relating to the Offering, dated September 24, 2020, that constitutes a part of the Registration
Statement.
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Item 9.01.
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Financial Statements
and Exhibits.
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(d) Exhibits.
Exhibit No.
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Description of Exhibit
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1.1
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Underwriting Agreement, dated as of September 24, 2020, by and among the Company, Goldman Sachs & Co. LLC, BofA Securities, Inc. and J.P. Morgan Securities LLC, as representatives of the several Underwriters named on Schedule I thereto.*
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5.1
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Opinion of Ballard Spahr LLP.
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23.1
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Consent of Ballard Spahr LLP (contained in Exhibit 5.1 hereto).
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99.1
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Press Release of Penn National Gaming, Inc. dated September 29, 2020. (furnished under Item 7.01).
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99.2
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Investor Presentation of Penn National Gaming, Inc. dated September 24, 2020 (furnished under Item 7.01).
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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* Annexes, schedules and/or exhibits have been omitted pursuant
to Item 601(b)(2) of Regulation S-K. Penn National agrees to furnish supplementally a copy of any omitted attachment to the SEC
on a confidential basis upon request.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: September
29, 2020
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PENN NATIONAL GAMING, INC.
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By:
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/s/ Carl Sottosanti
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Carl Sottosanti
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Executive Vice President, General Counsel and Secretary
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