Syndication of the Penn National Gaming bank facility was launched at a bank meeting May 3. Deutsche Bank, Goldman Sachs and Lehman Brothers are leading the credit, which has pricing of LIBOR plus 2% on all tranches with the $750 million revolver and $325 million term loan "A" on a pricing grid.
The facility also consists of a seven-year, $1.65 billion term loan "B." Maturity on the "A" loan is six-years and maturity on the revolver is five-years (LMW, 5/2). Based in Wyomissing, Pa., Penn National owns and operates casino and horse racing facilities with a focus on slot machines.