Penn National Gaming to offer $400 million of 8-year high-yield bonds, offers upbeat revenue guidance

Penn National Gaming Inc. PENN, +0.22% said Thursday it is offering $400 million of 8-year, high-yield bonds in a private offering. The casino operator said proceeds will be used for general corporate purposes. The company expects revenue for the three months ended June 20 to range from $1.450 billion to $1.555 billion, which compares with a FactSet consensus of $1.365 billion. Shares were up 2.6% premarket, but have fallen 11% in the year to date, while the S&P 500 SPX, -0.11% has gained 13%.

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