Bloomberg News

NEW YORK - Penn National Gaming Inc., an owner of two horse racetracks in Pennsylvania, said it received a commitment letter from Lehman Brothers Holdings Inc. and CIBC World Markets Corp. to raise $350 million of bank debt.

Penn National intends to use the loan to help finance its $195 million acquisition of the Casino Magic hotel in Bay St. Louis, Miss., and the Boomtown Biloxi casino from Pinnacle Entertainment Inc. In addition, the loan will refinance its debt and serve as working capital.

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