PENN Entertainment, Inc. - Senior Notes Offering

PENN Entertainment, Inc. has closed a private offering of $600 million in aggregate principal amount of 6.750% senior notes due 2031. The notes were issued at par and the proceeds will be used to repay outstanding amounts under the Company's revolving credit facility and for general corporate purposes. The notes bear interest at 6.750% per annum, payable semi-annually, and mature on April 1, 2031. The indenture governing the notes includes provisions for optional redemption, mandatory redemption under certain gaming laws, and repurchase rights for holders in the event of a Change of Control Triggering Event. The notes are unsecured and unsubordinated obligations of the Company, ranking equally with other unsubordinated indebtedness and senior to subordinated indebtedness. The indenture also contains covenants that limit the Company's and its restricted subsidiaries' ability to incur additional debt, pay dividends, make investments, create liens, engage in affiliate transactions, merge or consolidate, transfer assets, and designate subsidiaries as unrestricted.