PENN · PENN Entertainment, Inc.

PENN Entertainment, Inc. executed a Third Amendment to its existing Credit Agreement on April 16, 2026, significantly extending the maturity of its core revolving and Term A debt facilities. The $1.0 billion revolving facility and $446.9 million Term A facility were refinanced into the 2026 Facilities, pushing maturity to April 2031 from prior dates, providing extended liquidity runway for operations. A key change removes the 0.10% SOFR credit spread adjustment, potentially lowering borrowing costs slightly while keeping other margins intact. The springing maturity feature ties to other existing debt maturities, offering protection if those are not addressed timely via refinancing or sufficient liquidity. Notably, the Term B facility remains untouched, preserving that structure. Proceeds directly refinanced the prior facilities via cashless rollovers where possible and support ongoing working capital needs. This amendment, executed with Required Lenders including new 2026 Refinancing Lenders, replaces prior commitments and maintains continuity for letters of credit and swingline facilities. For investors, this deleverages near-term maturities, enhances financial flexibility amid gaming sector dynamics, and signals lender confidence in the company's trajectory without altering core covenant packages as amended.