(Source: Business Wire)Penn National Gaming, Inc. (Nasdaq: PENN) announced today that, following appropriate regulatory approvals and notifications, it amended its $2.725 billion senior secured credit facilities to extend certain maturities, expand availability, allow for debt and equity repurchases, potentially further expand the facility and extend maturities and modify compliance covenants. Separately, the Company also announced that it has used the net proceeds of its August 2009 private placement of $325 million principal amount of 8¾% Senior Subordinated Notes due 2019, to redeem $94.5 million of its $200 million aggregate outstanding principal amount 6⅞% senior subordinated notes due 2011, to repay $110 million of borrowings, together with accrued and unpaid interest thereon, under its term loan A and term loan B facilities and to repay $114 million of borrowings under its revolving credit facility.

Pursuant to the terms agreed to with its lending group, Penn National secured the following amendments ("the Second Amendment") to its Credit Agreement, dated as of October 3, 2005:

Extended the maturity date of $366 million of revolving commitments from October 3, 2010 to July 3, 2012 under a new tranche B revolving facility which will contain pricing 150 basis points higher than the Company's existing revolving facility (presently 125 basis points over LIBOR based on the Company's current consolidated total leverage ratio).