Why Penn National Is Trading Higher Today

Penn National Gaming Inc PENN is trading higher Thursday morning after the company announced a proposed private offering and updated its second-quarter revenue and EBITDA outlook. 

What Happened: Penn National announced that it plans to offer $400 million in eight-year senior unsecured notes in a private offering. The company said it expects to use the proceeds of the proposed offering for general corporate purposes.

Penn National expects its second-quarter revenue to be in the range of $1.45 billion to $1.55 billion versus the estimate of $1.35 billion. The company expects its second-quarter EBITDA to be in the range of $420 million to $460 million. 

See Also: Canada Passes Sports Betting Legislation: 3 Stocks That Could Benefit

PENN Price Action: Penn National has traded as high as $142 and as low as $26.96 over a 52-week period. 

At last check Thursday, the stock was up 2.86% at $79.

Photo: PIRO4D via Pixabay.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsGuidanceOfferingswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!