The redemption price is $1,055.63 per $1,000 principal amount, plus accrued and unpaid interest to the planned redemption date. The company says it will fund the redemption from available cash, its revolving credit facility, proceeds from private placement financing, or any combination of the three.
In an unrelated matter, earlier this week the Federal Trade Commission requested additional information from Penn National and from Alton, IL-based Argosy Gaming Co., related to their merger, which is scheduled to close in the second half of this year. This second request from the FTC was anticipated, according to a Penn National spokesman. It extends the waiting period in which the FTC reviews the transaction in accordance with the 1976 Hart-Scott-Rodino Antitrust Improvements Act. In a statement, Penn National executives say it continues to expect the Argosy acquisition to close this year.
Penn National and Argosy announced the merger agreement last November. Under the agreement, Penn National will pay approximately $2.2 billion, including the assumption of about $805 million in debt, for Argosy, which owns and operates seven casino and gaming properties.
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