PENN Entertainment Amends Credit Agreement; Reprices Term Loan B

What Happened

• On May 28, 2026, PENN Entertainment, Inc. filed a Form 8-K to announce a Fourth Amendment to its Second Amended and Restated Credit Agreement (originally dated May 3, 2022). The amendment reprices and extends the Company’s $962.5 million Term Loan B facility; the Term Loan B now matures in May 2033.
• The amendment was entered into among the Company, its guarantors, the lenders, and Bank of America, N.A., as administrative and collateral agent. A copy of the amendment is filed as Exhibit 10.1 to the 8-K.

Key Details

• Amendment date: May 28, 2026 (filed on Form 8-K).
• Term Loan B principal: $962.5 million; new maturity: May 2033.
• Interest margin reductions: term SOFR loans from 2.50% → 2.00%; base rate loans from 1.50% → 1.00%.
• Maturities of the Company’s Term Loan A and revolving facility are unchanged.

Why It Matters

• Lower interest margins reduce PENN’s borrowing cost on the Term Loan B, which should lower interest expense and improve cash flow compared with prior pricing.
• Extending the Term Loan B maturity to 2033 reduces near-term refinancing risk for that tranche of debt.
• This is a modification of an existing credit facility (a material financing agreement) rather than new debt or an acquisition; investors should watch for related impacts on interest expense and liquidity in future filings.