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Page
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| | | | S-iii | | | |
| | | | S-iii | | | |
| | | | S-iv | | | |
| | | | S-1 | | | |
| | | | S-2 | | | |
| | | | S-6 | | | |
| | | | S-21 | | | |
| | | | S-22 | | | |
| | | | S-58 | | | |
| | | | S-62 | | | |
| | | | S-63 | | | |
| | | | S-64 | | | |
| | | | S-66 | | | |
| | | | S-75 | | | |
| | | | S-81 | | | |
| | | | S-82 | | | |
| | | | S-83 | | | |
| | | | S-84 | | |
| | | | where: | | |||
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CR0
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=
the conversion rate in effect immediately before the open of business on the ex-dividend date for such dividend or distribution, or immediately before the open of business on the effective date of such stock split or stock combination, as applicable;
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CR1
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=
the conversion rate in effect immediately after the open of business on such ex-dividend date or effective date, as applicable;
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OS0
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=
the number of shares of our common stock outstanding immediately before the open of business on such ex-dividend date or effective date, as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and
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OS1
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=
the number of shares of our common stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination.
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| | | | where: | | |||
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CR0
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=
the conversion rate in effect immediately before the open of business on the ex-dividend date for such distribution;
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CR1
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=
the conversion rate in effect immediately after the open of business on such ex-dividend date;
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OS
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=
the number of shares of our common stock outstanding immediately before the open of business on such ex-dividend date;
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X
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=
the total number of shares of our common stock issuable pursuant to such rights, options or warrants; and
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Y
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=
a number of shares of our common stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the last reported sale prices per share of our common stock for the 10 consecutive trading days ending on, and including, the trading day immediately before such declaration date.
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|
| | | | where: | | |||
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CR0
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=
the conversion rate in effect immediately before the open of business on the ex-dividend date for such distribution;
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CR1
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=
the conversion rate in effect immediately after the open of business on such ex-dividend date;
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SP
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=
the average of the last reported sale prices per share of our common stock for the 10 consecutive trading days ending on, and including, the trading day immediately before such ex-dividend date; and
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FMV
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=
the fair market value (as determined by our board of directors), as of the open of business such ex-dividend date, of the shares of capital stock, evidences of indebtedness, assets, distributed property distributed per share of our common stock pursuant to such distribution.
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|
| | | | where: | | |||
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CR0
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=
the conversion rate in effect immediately before the close of business on the last trading day of the “spin-off valuation period” (as defined below) for such spin-off;
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CR1
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=
the conversion rate in effect immediately after the close of business on the last trading day of the spin-off valuation period;
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FMV
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=
the product of (x) the average of the last reported sale prices per share or unit of the capital stock or equity interests distributed in such spin-off over the 10 consecutive trading day period (the “spin-off valuation period”) beginning on, and including, the ex-dividend date for such spin-off (such average to be determined as if references to our common stock in the definitions of “last reported sale price,” “trading day” and “market disruption event” were instead references to such capital stock or equity interests); and (y) the number of shares or units of such capital stock or equity interests distributed per share of our common stock in such spin-off; and
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SP
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=
the average of the last reported sale prices per share of our common stock for each trading day in the spin-off valuation period.
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| | | | where: | | |||
| | | |
CR0
|
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=
the conversion rate in effect immediately before the open of business on the ex-dividend date for such dividend or distribution;
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|
| | | |
CR1
|
| |
=
the conversion rate in effect immediately after the open of business on such ex-dividend date;
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| | | |
SP
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=
the last reported sale price per share of our common stock on the trading day immediately before such ex-dividend date; and
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D
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=
the cash amount distributed per share of our common stock in such dividend or distribution.
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|
| | | | where: | | |||
| | | |
CR0
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=
the conversion rate in effect immediately before the close of business on the last trading day of the “tender/exchange offer valuation period” for such tender or exchange offer;
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CR1
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=
the conversion rate in effect immediately after the close of business on the last trading day of the tender/exchange offer valuation period;
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AC
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=
the fair market value (determined by our board of directors), as of the time such tender or exchange offer expires (the “expiration time”), of all cash and other consideration paid for shares of our common stock purchased or exchanged in such tender or exchange offer;
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OS0
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=
the number of shares of our common stock outstanding immediately before the expiration time (including, for the avoidance of doubt, all shares of our common stock accepted for purchase or exchange in such tender or exchange offer);
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OS1
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=
the number of shares of our common stock outstanding immediately after the expiration time (excluding, for the avoidance of doubt, all shares of our common stock accepted for purchase or exchange in such tender or exchange offer); and
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SP
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=
the average of the last reported sale prices per share of our common stock over the tender/exchange offer valuation period;
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Stock Price
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Make-Whole Fundamental Change Effective Date
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$
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$
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$
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$
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$
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$
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$
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$
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|
, 2020
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| | | | | | | | | | | | | | | | | | | | | | | | |
May 15, 2021
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May 15, 2022
|
| | | | | | | | | | | | | | | | | | | | | | | | |
May 15, 2023
|
| | | | | | | | | | | | | | | | | | | | | | | | |
May 15, 2024
|
| | | | | | | | | | | | | | | | | | | | | | | | |
May 15, 2025
|
| | | | | | | | | | | | | | | | | | | | | | | | |
May 15, 2026
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | |
As of March 31, 2020
|
| |||||||||
(in millions, except share and per share data)
|
| |
Actual
|
| |
As Adjusted
|
| ||||||
Cash and cash equivalents(1)
|
| | | $ | 730.7 | | | | | $ | 1,209.8 | | |
Debt(2) | | | | | | | | | | | | | |
Senior Secured Credit Facilities
|
| | | | | | | | | | | | |
Revolving credit facility due 2023
|
| | | $ | 670.0 | | | | | $ | 670.0 | | |
Term loan A facility due 2023
|
| | | | 663.4 | | | | | | 663.4 | | |
Term loan B-1 facility due 2025
|
| | | | 1,114.7 | | | | | | 1,114.7 | | |
Total Senior Secured Credit Facilities
|
| | | | 2,448.1 | | | | | | 2,448.1 | | |
5.625% notes due 2027
|
| | | | 400.0 | | | | | | 400.0 | | |
Other long-term obligations
|
| | | | 80.8 | | | | | | 80.8 | | |
Convertible Notes offered hereby(3)(4)
|
| | | | — | | | | | | 250.0 | | |
Total debt
|
| | | | 2,928.9 | | | | | | 3,178.9 | | |
Stockholders’ equity | | | | | | | | | | | | | |
Series B Preferred stock ($0.01 par value, 1,000,000 shares authorized, no shares issued
and outstanding) |
| | | $ | — | | | | | $ | — | | |
Series C Preferred stock ($0.01 par value, 18,500 shares authorized, no shares issued and outstanding)
|
| | | | — | | | | | | — | | |
Series D Preferred stock ($0.01 par value, 5,000 shares authorized, 883 shares issued and outstanding)
|
| | | | 23.1 | | | | | | 23.1 | | |
Common stock ($0.01 par value, 200,000,000 shares authorized, 118,961,115 and
116,793,722 shares issued and shares outstanding, respectively), Actual; ($0.01 par value, 200,000,000 shares authorized, 132,525,955 and 130,358,562 shares issued and shares outstanding, respectively), As Adjusted |
| | | | 1.2 | | | | | | 1.3 | | |
Treasury stock, at cost, (2,167,393 shares held)
|
| | | | (28.4) | | | | | | (28.4) | | |
Additional paid-in capital
|
| | | | 1,728.9 | | | | | | 1,965.5 | | |
Retained earnings (accumulated deficit)
|
| | | | (446.4) | | | | | | (446.4) | | |
Total Penn National stockholders’ equity
|
| | | | 1,278.4 | | | | | | 1,515.1 | | |
Non-controlling interest
|
| | | | (0.8) | | | | | | (0.8) | | |
Total stockholders’ equity
|
| | | $ | 1,277.6 | | | | | $ | 1,514.3 | | |
Total capitalization
|
| | | $ | 4,206.5 | | | | | $ | 4,693.2 | | |
Underwriter
|
| |
Principal Amount
of Notes |
| |||
Goldman Sachs & Co. LLC
|
| | | $ | | | |
BofA Securities, Inc.
|
| | | $ | | | |
Total
|
| | | $ | 250,000,000 | | |
| | |
Per Note
|
| |
No Exercise
|
| |
Full Exercise
|
| |||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discount
|
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds, before expenses, to us
|
| | | $ | | | | | $ | | | | | $ | | | |
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