Penn National Gaming Prices $400 Million of 4.125% Senior Notes Due 2029
June 24 2021 - 4:30PM
Business Wire
Penn 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.
The 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.
The 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.
About Penn National Gaming
With 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 partnership with Barstool Sports, Inc.
(“Barstool”) whereby Barstool will exclusively promote the
Company's land-based and online casinos and sports betting
products, including the Barstool Sportsbook mobile app, to its
national audience. The Company's omni-channel approach is bolstered
by the mychoice loyalty program, which rewards and
recognizes its over 24 million members for their loyalty to both
retail and online gaming and sports betting products with the most
dynamic set of offerings, experiences, and service levels in the
industry.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements can be identified by the use of
forward-looking terminology such as “expects,” “believes,”
“estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,”
“may,” “will,” “should,” or “anticipates” or the negative or other
variations of these or similar words, or by discussions of future
events, strategies or risks and uncertainties. Specifically,
forward looking statements include, but are not limited to
statements regarding the offering of the notes and the Company’s
expected results of operations for the three months ended June 30,
2021. Such statements are all subject to risks, uncertainties and
changes in circumstances that could significantly affect the
Company’s future financial results and business.
In addition, the Company cautions that the forward-looking
statements contained herein, including statements with respect to
our expected estimated unaudited financial results as of and for
the three months ended June 30, 2021, are qualified by important
factors that could cause actual results to differ materially from
those reflected by such statements. Such factors include but are
not limited to those factors as discussed in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2020,
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, each as filed with the U.S. Securities and Exchange
Commission. The Company does not intend to update publicly any
forward-looking statements except as required by law. In light of
these risks, uncertainties and assumptions, the forward-looking
events discussed in this press release may not occur and investors
are cautioned not to place undue reliance on such preliminary
estimates.
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version on businesswire.com: https://www.businesswire.com/news/home/20210624006000/en/
Justin Sebastiano Senior VP, Finance & Treasurer Penn
National Gaming 610-373-2400
Joseph N. Jaffoni, Richard Land JCIR 212/835-8500 or
penn@jcir.com
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