Penn National Gaming Inc PENN is trading higher Thursday morning after the company announced a proposed private offering and updated its second-quarter revenue and EBITDA outlook.
What Happened: Penn National announced that it plans to offer $400 million in eight-year senior unsecured notes in a private offering. The company said it expects to use the proceeds of the proposed offering for general corporate purposes.
Penn National expects its second-quarter revenue to be in the range of $1.45 billion to $1.55 billion versus the estimate of $1.35 billion. The company expects its second-quarter EBITDA to be in the range of $420 million to $460 million.
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PENN Price Action: Penn National has traded as high as $142 and as low as $26.96 over a 52-week period.
At last check Thursday, the stock was up 2.86% at $79.
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