EFTA Document EFTA01385367

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite With this report we are reaffirming our Buy rating on PENN 5.625% Senior Notes 2027 ($103.8, 5.0% YTW, 261bps) given our belief that the notes are attractive on a relative value basis. For 2017, we are projecting Penn National will generate Adjusted EBITDA of $868 million (+3.0% versus S844 million) on revenues of $3.15 billion (+4.0% versus $3.03 billion). Factoring capital expenditures of $105 million, cash inte