Penn National Gaming (NASDAQ:PENN) says the exercise and closing of a greenshoe option in a dual tranche equity/covert offering equates to ~$675M capital raise.

The company says the raise the first ever U.S. dual tranche equity/convert offering for a gaming operator.

Penn expects to use the proceeds from the offering for general corporate purposes that will significantly enhance its liquidity while providing the company with the flexibility to invest in its unique omni-channel growth strategy, powered by its partnership with Barstool Sports.

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