Why Penn National's Shares Popped on Friday

Shares of U.S. casino company Penn National (NASDAQ: PENN) jumped as much as 12.7% in trading today after closing a new round of financing. Near the end of the trading day, shares were up about 9% from the previous day's close.

Penn National today closed on the sale of $300 million in common stock and $300 million of 2.75% convertible senior notes due in 2026. The bond offering was increased from a previously announced $250 million because demand was strong. 

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Source Fool.com