PENN Entertainment, Inc. 10-Q

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK We are exposed to market risk from adverse changes in interest rates with respect to the short-term floating interest rate on borrowings under our Senior Secured Credit Facilities. As of March 31, 2021, the Company’s Senior Secured Credit Facilities had a gross outstanding balance of $1,612.0 million, consisting of a $623.6 million Term Loan A Facility, a $988.4 million Term Loan B-1 Facility. As of March 31, 2021, we have $672.0 million of available borrowing capacity under our Revolving Credit Facility. The table below provides information as of March 31, 2021 about our long-term debt obligations that are sensitive to changes in interest rates, including the notional amounts maturing during the twelve month period presented and the related weighted-average interest rates by maturity dates. (dollars in millions) 4/01/21 - 03/31/22 4/01/22 - 03/31/23 4/01/23 - 03/31/24 4/01/24 - 03/31/25 4/01/25 - 03/31/26 Thereafter Total Fair Value Fixed rate $ — $ — $ — $ — $ — $ 400.0 $ 400.0 $ 415.5 Average interest rate 5.625 % Fixed rate $ — $ — $ — $ — $ — $ 330.5 $ 330.5 $ 1,488.9 Average interest rate 2.75 % Variable rate $ 68.8 $ 82.1 $ 506.6 $ 11.3 $ 943.2 $ — $ 1,612.0 $ 1,603.9 Average interest rate (1) 4.25 % 4.53 % 4.79 % 4.15 % 4.27 % (1) Estimated rate, reflective of forward LIBOR as of March 31, 2021 plus the spread over LIBOR applicable to variable-rate borrowing.