Penn Entertainment finalizes $233.5m note repurchase settlement
After completing the note repurchase, the operator will have approximately $106.7m in aggregate principal amount of outstanding convertible senior notes.
Key Points
- Penn Entertainment also recently appointed Johnny Hartnett and Carlos Ruisanchez to serve on its Board of Directors on June 17
- The note repurchase transactions reportedly eliminate approximately 9.6m shares from which were associated with the convertible senior notes
Penn Entertainment has officially completed the final settlement terms of its previously announced note repurchase transactions, resulting in an aggregate cash payment of approximately $233.5m.
The payment for such note repurchase transactions was determined following an averaging period which ran between June 16 – 18 and is “inclusive of accrued and unpaid interest” for the repurchased common stock.
After completing the note repurchase, the operator will have approximately $106.7m in aggregate principal amount of outstanding convertible senior notes. The note repurchase transactions reportedly eliminate nearly 9.6m shares from which were associated with the convertible senior notes.
Additionally, Penn Entertainment “remains committed” to its previously stated goal of repurchasing “at least” $350m of shares throughout 2025.
Good to know: Following a 116-page investor presentation by HG Vora Capital Management on May 21, Penn Entertainment issued a new addendum for shareholders to “set the record straight on these false mischaracterizations”
On June 17, the operator appointed Johnny Hartnett and Carlos Ruisanchez to serve on its Board of Directors, following an Annual Meeting of Shareholders held in Wyomissing, Pennsylvania.
According to a statement released by Penn Entertainment, the two elected directors bring highly relevant experience in digital and retail gaming to the Board.
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