PNG aims to raise up to $982.1m through public offering
| By Aaron Noy
US casino operator Penn National Gaming (PNG) has announced details of a new underwritten public offering, through which it could generate up to $982.1m (£768.1m/€849.9m) in funds.
The offering will see PNG make available 14m shares of its common stock – $0.01 par value per share – at a public price of $61.00 per share.
Before deducting underwriting discounts and other expenses, PNG said proceeds from the offering are expected to amount to approximately $854m.
However, if the underwriters in the offering choose to fully exercise their option to purchase additional shares of common stock, then PNG could raise as much as $982.1m from the offering.
Underwriters have a 30-day option to purchase up to 2.1m of additional shares of PNG’s common stock at the offering price, less the underwriting discount.