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WYOMISSING, Pa. - PENN Entertainment, Inc. (Nasdaq: PENN), a gaming company with a market capitalization of $2.51 billion, announced the final settlement of its previously announced note repurchase transactions for approximately $233.5 million in cash. The company, which operates with total debt of $11 billion, has repurchased a portion of its outstanding 2.75% Convertible Senior Notes due 2026 through privately negotiated transactions.
The cash payment includes accrued and unpaid interest on the repurchased notes, with the amount determined following an averaging period from June 16 through June 18, 2025. After completing these transactions, PENN will have approximately $106.7 million in aggregate principal amount of Convertible Senior Notes remaining outstanding. According to InvestingPro data, the company’s current ratio of 0.74 indicates its short-term obligations exceed liquid assets.
According to the company, the note repurchase eliminates approximately 9.6 million shares from its diluted share count that were associated with the convertible notes. PENN also reaffirmed its commitment to repurchase at least $350 million of shares in 2025, which is separate from these note repurchase transactions.
HudsonWest LLC served as the exclusive financial advisor to PENN for the note repurchase transactions.
PENN Entertainment operates in 28 jurisdictions across North America with a portfolio that includes casinos, racetracks, and online sports betting under brands such as Hollywood Casino, L’Auberge, ESPN BET, and theScore BET Sportsbook and Casino.
The information in this article is based on a company press release statement.
In other recent news, PENN Entertainment announced the election of Johnny Hartnett and Carlos Ruisanchez to its Board of Directors during the 2025 Annual Meeting of Shareholders. This move was supported by Glass Lewis & Co., which recommended these nominees for their potential to enhance board oversight of PENN’s capital allocation and digital strategy. Additionally, the company is set to repurchase approximately $223.8 million of its 2.75% Convertible Senior Notes due in 2026, a financial strategy to manage debt. The repurchase transaction, advised by HudsonWest LLC, is expected to close in June 2025. Meanwhile, PENN has received backing from Institutional Shareholder Services for the board nominees, reflecting a strategic shift towards new perspectives. However, the company’s Say-On-Pay proposal faced opposition, with more than 60% of votes cast against it. The board emphasized its commitment to improving profitability in its Interactive segment and accelerating capital returns to shareholders. PENN Entertainment continues to operate across 28 jurisdictions in North America, leveraging partnerships with brands like ESPN and theScore BET Sportsbook and Casino. These developments are part of PENN’s ongoing efforts to adapt to industry shifts and enhance shareholder value.
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