Penn National Gaming Inc. entered into new senior secured credit facilities consisting of a $700 million revolving credit facility and a $300 million term loan A facility with five-year maturities, and a $500 million term loan B facility with a seven-year maturity.

Depending on the company's total net leverage ratio, the applicable margin for the revolver and the term loan A is initially 2.25% for LIBOR loans and 1.25% for base-rate loans, until Penn provides financial reports for the first full fiscal quarter following closing. After that, the margin will range from 1.25% to 3.00% per annum for LIBOR loans and 0.25% to 2.00% per annum for base rate loans.

The applicable margin for the term loan B is 2.50% and 1.50% for LIBOR loans and base rate loans, respectively. The term loan B is also subject to a 0.75% interest rate floor for LIBOR loans and a 1.75% floor for base-rate loans.

The company used the proceeds of the initial funding in part to refinance its existing credit facilities and to fund related transaction fees and expenses, with remaining proceeds earmarked for general corporate purposes.