PENN Entertainment Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
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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.
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.
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 | |
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