PENN Entertainment, Inc. (PENN) announced Friday the final settlement terms of its previously announced note repurchase transactions, pursuant to which the Company agreed to repurchase for cash consideration certain of the company's outstanding 2.75% Convertible Senior Notes due 2026 through separate and privately negotiated repurchase transactions.
The aggregate cash payment for such Note Repurchase Transactions is approximately $233.5 million, which was determined following an averaging period beginning on June 16, 2025 through June 18, 2025 and is inclusive of accrued and unpaid interest on the Repurchased Notes.
After giving effect to the repurchase and cancellation of the Repurchased Notes, the Company will have approximately $106.7 million in aggregate principal amount of Convertible Senior Notes outstanding.
The Note Repurchase Transactions eliminate approximately 9.6 million shares from the Company's diluted share count that were associated with the Convertible Senior Notes.
Additionally, the Company remains committed to its previously stated goal to repurchase at least $350 million of shares in 2025, which is incremental to the Note Repurchase Transactions.
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