PENN Entertainment Enters Material Definitive Agreement

TL;DR

PENN Entertainment just signed a big deal, expect financial moves.

AI Summary

On December 4, 2024, PENN Entertainment, Inc. entered into a material definitive agreement related to a financial obligation. The company, formerly known as PENN NATIONAL GAMING INC, is incorporated in Pennsylvania and its fiscal year ends on December 31st.

Why It Matters

This filing indicates a significant financial commitment or obligation for PENN Entertainment, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or risks that require careful monitoring.

Key Players & Entities

• PENN Entertainment, Inc. (company) — Registrant
• PENN NATIONAL GAMING INC (company) — Former company name
• December 4, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share PENN The Nasdaq S
• $978 million — plicable to the Company's approximately $978 million in existing term B facility loans from

Filing Documents

• tm2427890d2_8k.htm (8-K) — 30KB
• tm2427890d2_ex10-1.htm (EX-10.1) — 109KB
• 0001104659-24-125366.txt ( ) — 328KB
• penn-20241204.xsd (EX-101.SCH) — 3KB
• penn-20241204_lab.xml (EX-101.LAB) — 33KB
• penn-20241204_pre.xml (EX-101.PRE) — 22KB
• tm2427890d2_8k_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On December 4, 2024, PENN Entertainment, Inc., a Pennsylvania corporation (the "Company"), entered into a Second Amendment to Credit Agreement (the "Amendment"), by and among the Company, the guarantors party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent. The Amendment amends the Second Amended and Restated Credit Agreement, dated as of May 3, 2022, by and among the Company, the guarantors party thereto from time to time, the lenders and other parties party thereto from time to time, and Bank of America, N.A., as administrative agent and as collateral agent (as amended, restated, supplemented, waived or otherwise modified from time to time, the "Credit Agreement"). The Amendment reduces the interest rate margins applicable to the Company's approximately $978 million in existing term B facility loans from 2.75% to 2.50%, in the case of term SOFR loans, and from 1.75% to 1.50%, in the case of base rate loans. The Amendment also removes the 0.10% credit spread adjustment with respect to the term B facility loans. The maturity of the term B facility loans remains unchanged. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

03. Creation of a Direct Financial Obligation or an Obligation

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Second Amendment, dated as of December 4, 2024, by and among PENN Entertainment, Inc., the guarantors party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent. 104 Cover Page Interactive Data File (formatted as Inline XBRL). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: December 4, 2024 PENN ENTERTAINMENT, INC. By: /s/ Christopher Rogers Name: Christopher Rogers Title: Executive Vice President, Chief Strategy and Legal Officer and Secretary -3-

View Full Filing

View this 8-K filing on SEC EDGAR