PNG Merger Sub Inc. News
PNG Merger Sub Announces Termination of Tender Offers and Consent Solicitations for the Notes of Penn National Gaming, Inc.
NEW YORK, July 3 PRNewswire — PNG Merger Sub Inc. (the "Purchaser"), a wholly owned subsidiary of PNG Acquisition Company Inc. ("Parent"), announced today that it has terminated its previously announced cash tender offer and consent solicitation for any and all of the $200,000,000 aggregate principal amount of 6 7/8% Senior Subordinated Notes due 2011 of Penn National Gaming, Inc. ("Penn") (CUSIP No. 707569AH2) (the "2011 Notes") and any and all of the $250,000,000 aggregate principal amount of 6 3/4% Senior Subordinated Notes due 2015 of Penn (CUSIP No. 707569AL3) (the "2015 Notes" and collectively with the 2011 Notes, the "Notes") (such tender offers and consent solicitations together, the "Offers").
As a result of the termination, the amendments to the indentures pursuant to which the Notes were issued will not become operative.
All Notes that were tended in the Offers will be returned promptly to the respective holders thereof without any action on the part of the holders.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Penn describes certain of these risks and uncertainties in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2007. Meaningful factors which could cause actual results to differ from expectations described in this press release include, but are not limited to, the effects of local and national economic, credit and capital market conditions on the economy in general, and on the gaming and lodging industries in particular; construction factors, including delays, increased costs for labor and materials, Parent and Purchaser's access to available and reasonable financing on a timely basis; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation. Furthermore, neither Parent, Purchaser, nor Penn intends to update publicly any forward-looking statements except as required by law. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.
SOURCE PNG Merger Sub Inc.
Search Our News Using Google Search
Can't find what you want? Try using Google:
