Penn National Gaming (Nasdaq:PENN) received about $96.1 million in net proceeds from a common stock offering of 3.35 million shares. The Pennsylvania racing and casino company said it intends to use the money to pay down debt.The stock offering actually had three parts. In addition to the stock offered by Penn National, the Carlino Family Trust sold 1.25 million shares and the underwriters--Merrill Lynch and Bear Stearns-- exercised their rights to purchase 600,000 shares. The company did not received any proceeds from the Carlino Family Trust sale. Peter Carlino is Penn National's chief executive officer.