Penn National agrees to exchange $975 million of series B preferreds

By Susanna Moon

Chicago, Nov. 15 - Penn National Gaming, Inc. said it reached a non-binding agreement to exchange $975 million of its series B redeemable preferred stock at $67 per share into about 14.6 million non-voting Penn common shares or equivalents.

The company also plans to refinance its debt and enter into new credit facilities before a planned spinoff that will separate its gaming operating assets from its real property assets, according to a Penn National press release.

Penn National is a Wyomissing, Pa.-based owner and operator of gaming and racing facilities with a focus on slot machine entertainment.

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