NEW YORK, NY--Standard & Poor's Ratings Services says it affirmed its 'BB-' corporate credit rating on Penn National Gaming Inc., and removed the corporate credit rating from CreditWatch with negative implications where it was placed on June 1
5, 2007. The rating outlook is negative."The company's issue level ratings remain on CreditWatch with negative implications pending our recovery review, which will determine how these issues are notched against the corporate credit rating. We expect the recovery review to be completed in the next several days," said Standard & Poor's credit analyst Ben Bubeck.
The affirmation follows the company's July 3 announcement that the acquisition of Penn National by Fortress Investment Group LLC and Centerbridge Partners LP (jointly the "former buyers") has been terminated. In consideration of the termination, Penn National will receive from the former buyers $1.475 billion in cash, structured as a $225 million termination fee and $1.25 billion seven year, zero coupon, redeemable preferred equity investment.
Media Contact:
Mimi Barker, New York (1) 212-438-5054, mimi_barker@standardandpoors.com
Analyst Contacts:
Ben Bubeck, CFA, New York (1) 212-438-2176
Melissa Long, New York (1) 212-438-3886
Ben Bubeck, CFA, New York (1) 212-438-2176
Melissa Long, New York (1) 212-438-3886
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