Penn National Gaming Closes Offering of 4.125% Senior Notes Due 2029
July 01 2021 - 4:15PM
Business Wire
Penn National Gaming, Inc. (Nasdaq: PENN) (“Penn National” or
the “Company”) announced today that it has completed its previously
announced private offering of $400 million aggregate principal
amount of 4.125% senior notes due 2029. The notes were issued at
par. The notes are unsubordinated, unsecured obligations of Penn
National and are not guaranteed. Penn National intends to use the
proceeds of the offering for general corporate purposes.
The notes were not 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 were 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. 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 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/20210701005798/en/
Justin Sebastiano Senior VP, Finance & Treasurer
610-373-2400
Joseph N. Jaffoni, Richard Land JCIR 212-835-8500 or
penn@jcir.com
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