Penn National Gaming is raising up to $690m through an upsized offering of stock and convertible notes, which will take its liquidity up to around $1.4bn.
Penn had said its monthly burn rate is $83m while casinos are closed. The company priced the offering of $300m in 2.75 per cent convertible senior notes due 2026, up from the previously announced $250m.
Penn is also offering 16.667 million shares at $18 each for a total of $300m, also up from $250m. Underwriters also have the option to buy $37.5m in additional shares and $45m in convertible notes. The notes will be converted at $23.40 a share.