Penn National Gaming Inc.'s cash tender offer for the $300 million outstanding principal amount of its 5.875% senior notes due 2021 expired Jan. 18 at 5 p.m. ET.

As of the expiration date, roughly $148.7 million of notes, or about 49.6% of the notes' principal amount, had been validly tendered and not validly withdrawn.

The company expects to accept those notes for purchase Jan. 19, subject to the offer's financing and other conditions, with settlement expected the same day.

The settlement date for notes tendered via the guaranteed delivery procedures, which amounted to about $9.2 million as of the expiration date, is scheduled for Jan. 23.