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Penn National Gaming Pursue $200 Million Private Placement of Notes13 February 2001WYOMISSING, Pennsylvania--(Press Release)--Feb. 13, 2001--Penn National Gaming, Inc. (Nasdaq: PENN) announced today that it is pursuing through a private placement the issuance of $200 million of Senior Subordinated Notes. The Senior Subordinated Notes will rank equally with all of the Company's other future senior subordinated indebtedness and will be junior to the Company's senior indebtedness, including debt under the Company's senior secured credit facility. The Senior Subordinated Notes will be guaranteed by all of the Company's current and future wholly-owned domestic subsidiaries. The Senior Subordinated Notes will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933. It is anticipated that the Company subsequently will file a registration statement under the Securities Act of 1933 to effect an exchange offer of registered Senior Subordinated Notes. |