PENN Entertainment cuts interest rate margins on $978 million term B loans
PENN Entertainment entered a Second Amendment to its credit agreement with Bank of America, N.A. as administrative agent, dated December 4, 2024. The amendment lowers the interest rate margins on the company's approximately $978 million in existing term B facility loans and removes a 0.10% credit spread adjustment, while the loan maturity is unchanged. Lower borrowing costs on this debt are a financing change; the filing does not report earnings or guidance.
- Term SOFR loan margin reduced from 2.75% to 2.50%
- Base rate loan margin reduced from 1.75% to 1.50%
- 0.10% credit spread adjustment removed for term B facility loans; maturity unchanged
- Amendment dated December 4, 2024; full text filed as Exhibit 10.1