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Penn National Gaming Inc Prices $2,050 Million Of Senior Notes


Wednesday, 23 Oct 2013 11:15pm EDT 

Penn National Gaming Inc announced the pricing of $2,050 million aggregate principal amount of three series of new senior notes: $550 million of 4.375% Senior Notes due 2018 (the 2018 notes); $1,000 million of 4.875% Senior Notes due 2020 (the 2020 notes); and $500 million of 5.375% Senior Notes due 2023 (the 2023 notes, and collectively with the 2018 notes and the 2020 notes, the notes). The notes will be issued in a private placement through GLPI's wholly owned subsidiaries GLP Capital, L.P. and GLP Financing II, Inc. The notes will be issued at par. The notes will be senior unsecured obligations of the issuers and will be guaranteed by GLPI. The 2018 notes and the 2023 notes are expected to close on or about October 30, 2013 and the 2020 notes are expected to close on or about October 31, 2013, in each case subject to customary closing conditions. GLPI intends to use proceeds of the offering of the 2018 notes and the 2023 notes, together with proceeds of certain other financings, to make a distribution to Penn in connection with the transfer of assets from Penn to GLPI in connection with the spin-off and to pay fees and expenses. GLPI intends to use proceeds of the offering of the 2020 notes to fund future earnings and profits distribution, for working capital purposes and to partially repay amounts funded under the revolving portion of GLPI's new credit facilities. 

Company Quote

12.7
0.05 +0.40%
17 Apr 2014