This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Penn National Gaming, Inc. Announces Results Of Its Previously Announced Consent Solicitation For Its 8.75% Senior Subordinated Notes Due 2019

Stocks in this article: PENN

Penn National Gaming, Inc. (PENN:Nasdaq) (“Penn”) announced the results of the solicitation of consents in connection with its previously announced tender offer and solicitation of consents (the “Tender Offer”) for any and all of its 8.75% Senior Subordinated Notes due 2019 (the “Notes”).

As part of the Tender Offer, Penn solicited consents for amendments (the “Proposed Amendments”) that would eliminate substantially all restrictive covenants and certain events of default contained in the indenture governing the Notes (the “Indenture”). Penn announced today that as of 5:00 p.m., New York City time, on October 28, 2013 (the “Consent Payment Deadline”), it had received validly delivered consents (not validly revoked before the withdrawal deadline) from $292.68 million aggregate principal amount of the Notes, which represents approximately 90.055% of the $325.0 million aggregate principal amount of the Notes outstanding. Adoption of the Proposed Amendments required consents from holders of a majority in aggregate principal amount of the outstanding Notes. Accordingly, Penn received the requisite consents to execute a supplemental indenture to effect the Proposed Amendments to the Indenture.

Penn and the trustee under the Indenture have entered into the supplemental indenture to effect the Proposed Amendments, which proposed amendments are effective as of today and will be operative as of the date Penn accepts for purchase and payment, and purchases and pays for, such $292.68 million aggregate principal amount of Notes and related consents. When the Proposed Amendments become operative with respect to the Indenture, the Proposed Amendments will be binding on all non-tendering holders of the Notes.

The Tender Offer will expire at 5:00 p.m., New York City time, on November 13, 2013, unless the Tender Offer is extended or earlier terminated.

Penn reserves the right, but is under no obligation, on any day following the Consent Payment Deadline and prior to the Expiration Date (the “Early Settlement Date”), to accept for purchase any Notes validly tendered prior to the Early Settlement Date (and not validly withdrawn at or prior to the withdrawal deadline), subject to satisfaction or waiver of the conditions to the Tender Offer.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs