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Get filing alertsPENN Entertainment reprices $962.5M Term Loan B, cuts rate 50 bps and extends to 2033
Filed May 28, 2026 · Period ending May 28, 2026 · ~1 min read
Key Changes
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Repriced $962.5M Term Loan B facility, reducing interest margins by 50 basis points (SOFR loans now 2.00%, base rate loans 1.00%) and extending maturity to May 2033, lowering borrowing costs.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Term Loan A and revolving credit facility maturities remain unchanged; only Term Loan B was modified.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Amendment creates a direct financial obligation under the repriced and extended Term Loan B facility.
Item 2.03 — Creation of a Direct Financial Obligation verify on EDGAR →
Summary
PENN Entertainment amended its credit agreement to reprice and extend its $962.5 million Term Loan B facility. The company reduced interest rate margins by 50 basis points—from 2.50% to 2.00% for term SOFR loans and from 1.50% to 1.00% for base rate loans—and pushed the maturity date out to May 2033.
This repricing lowers PENN's borrowing costs on nearly $1 billion of debt, improving its interest expense profile over the extended term. For retail holders, the amendment is a straightforward positive: lower interest costs free up cash flow for operations, capital allocation, or debt reduction.
The extension to 2033 also pushes out refinancing risk, giving the company a longer runway before it must address this facility again. The company's Term Loan A and revolving credit facility were not touched, so the benefit is isolated to the Term Loan B. This is a routine liability management transaction that modestly strengthens PENN's balance sheet.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · view on EDGAR →
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report is incorporated into this Item 2.03 by reference.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Amendment amended the Existing Credit Agreement to, among other things, reprice and extend the term of the Company’s $962.5 million term loan B facility (as so amended, the “Term Loan B Facility”). The Term Loan B Facility will mature in May 2033. The Amendment reduces the interest rate margins applicable to the Term Loan B Facility from 2.50% to 2.00%, in the case of term SOFR loans, and from 1.50% to 1.00%, in the case of base rate loans.
PENN Entertainment amended its credit agreement to reprice and extend its $962.5 million Term Loan B facility. The interest rate margins were reduced by 50 basis points: from 2.50% to 2.00% for term SOFR loans and from 1.50% to 1.00% for base rate loans. The maturity date was extended to May 2033. This repricing lowers the company's borrowing costs on this facility.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The maturity of both the Company’s term loan A facility and revolving facility remains unchanged.
The amendment did not affect the maturity dates of PENN's term loan A facility or its revolving credit facility. Only the Term Loan B facility was modified in this transaction.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 11, 2026 · How we verify