WYOMISSING, Pa.--(BUSINESS WIRE)--Penn National Gaming, Inc. (PENN: Nasdaq)  announced that it plans to offer, subject to market and other conditions, $400 million aggregate principal amount of ten-year senior unsecured notes.

Penn intends to use proceeds of the proposed offering to fund the purchase pursuant to Penn’s previously announced tender offer and/or redemption of any and all of its 5.875% Senior Notes due 2021 and to pay related fees and expenses. Penn intends to use any remaining net proceeds from the proposed offering, together with the proceeds of the portion of its revolving credit facility drawn or utilized on the closing date, its term loan A facility and its term loan B facility, to refinance its existing credit facilities, fund related transaction fees and expenses and for general corporate purposes.

About Penn National Gaming

Penn is a leading, diversified, multi-jurisdictional owner and manager of gaming and racing facilities and video gaming terminal (“VGT”) operations. Penn has also recently expanded into social online gaming offerings via its Penn Interactive Ventures, LLC division and Penn’s recent acquisition of Rocket Speed, Inc. (formerly known as Rocket Games, Inc., (“Rocket Speed”)). Penn currently owns, manages, or has ownership interests in twenty-seven facilities in the following seventeen jurisdictions: California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada.