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Penn National Gaming Closes $800 Million Senior Secured Credit Facility to Fund Hollywood Casino Corporation Acquisition and to Provide Additional Working Capital.

Publication: Business Wire
Publication Date: 03-MAR-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Business Editors

WYOMISSING, Pa.--(BUSINESS WIRE)--March 3, 2003

Penn National Gaming, Inc. (Nasdaq:PENN) announced today that it closed an $800 million senior secured credit facility to fund its acquisition of Hollywood Casino Corporation and to provide additional working capital.

The credit facility allows Penn National Gaming to raise an additional $100 million in senior secured credit to expand its Pennsylvania racetrack operations if legislation is passed permitting slot machines or video lottery terminals at these facilities.

Penn National Gaming also announced that it would not proceed with commitments for an additional $200 million in financings. These commitments were made available only to finance a change of control offer at 101% of the principal amount of the non-recourse debt issued by Hollywood Casino Shreveport and Shreveport Capital Corporation, which...

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