Penn National Gaming Commences Underwritten Public Offering of Shares Worth $250 Million

Penn National Gaming, Inc. has started an underwritten public offering of $250 million of shares of common stock of the Company and an underwritten public offering of $250 million aggregate principal amount of Convertible Senior Notes due 2026.

The Company offers the underwriters a 30-day option to buy up to $37.5 million of additional shares of its common stock in the Common Stock Offering and a 30-day option to purchase up to $37.5 million aggregate principal amount of additional Convertible Notes in the Convertible Notes Offering. The Company intends to utilize the net proceeds from the Common Stock Offering and the Convertible Notes Offering for general corporate purposes.

Goldman Sachs & Co. LLC and BofA Securities are joint book-running managers for proceedings.