Penn National Gaming, Inc. announced that it plans to offer, subject to market and other conditions, $400 million aggregate principal amount of ten-year senior unsecured notes. Penn intends to use proceeds of the proposed offering to fund the purchase pursuant to Penn’s previously announced tender offer and/or redemption of any and all of its 5.875% Senior Notes due 2021 and to pay related fees and expenses. Penn intends to use any remaining net proceeds from the proposed offering, together with the proceeds of the portion of its revolving credit facility drawn or utilized on the closing date, its term loan A facility and its term loan B facility, to refinance its existing credit facilities, fund related transaction fees and expenses and for general corporate purposes. The notes have not been registered under the Securities Act of 1933, as amended and they may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the notes are being offered and sold only to persons reasonably believed to be QIBs in compliance with Rule 144A and outside the United States to persons other than U.S. persons in reliance upon Regulation S.