Penn National Gaming, Inc. announced that it has entered into new senior secured credit facilities and completed its other previously announced refinancing transactions for the purpose of refinancing its existing credit facilities and its existing senior unsecured notes, and raising additional capital for general corporate purposes. The company's new senior secured credit facilities are comprised of a $700 million revolving credit facility with a maturity of five years, a $300 million term loan A facility with a maturity of five years and a $500 million term loan B facility with a maturity of seven years. The interest rates applicable to loans under the New Credit Facilities are, at Penn’s option, equal to either a LIBOR rate or a base rate plus an applicable margin. The applicable margin for the revolving credit facility and the term loan A is initially 2.25% for LIBOR loans and 1.25% for base rate loans until Penn provides financial reports for the first full fiscal quarter following closing and, thereafter, will range from 1.25% to 3.00% per annum for LIBOR loans and 0.25% to 2.00% per annum for base rate loans, in each case depending on the company's total net leverage ratio. The applicable margin for the term loan B is 2.50% for LIBOR loans and 1.50% for base rate loans. The term loan B is also subject to an interest rate floor of 0.75% for LIBOR loans and 1.75% for base rate loans.