Penn National Gaming Prices $300 Mln Of Senior Notes

(RTTNews) - Penn National Gaming, Inc. (PENN) said Monday that it has priced $300 million principal amount of new 5.875% Senior Notes due 2021, which will be issued in a private placement. The new notes will be issued at par.

The issuance of the notes is expected to close on or about October 30.

The company plans to use proceeds of the proposed offering, together with proceeds of certain other financings and cash on hand, to repay its existing senior secured credit facilities, to fund the repurchase and/or redemption of any and all of its 8.75% Senior Subordinated Notes due 2019, to pay related fees and expenses and for working capital purposes.