Gaming And Leisure Properties Prices $1.3 Bln Notes Offering In Two Tranches

(RTTNews) - Gaming and Leisure Properties, Inc. (GLPI), on Thursday, has priced a public offering of $1.3 billion aggregate principal amount of notes to be issued by its operating partnership, GLP Capital, L.P., and its wholly owned subsidiary, GLP Financing II, Inc.

The offering is expected to close on August 27.

The offering will be issued in two tranches with senior notes due in 2033, priced at 99.642% of par with a 5.250% coupon and maturing on February 15, 2033.

The second tranche will be of senior notes due 2037, priced at 99.187% of par with a 5.750% coupon and maturing on November 1, 2037.

The issuers plan to use the net proceeds to fully redeem their $975 million 5.375% senior unsecured notes due April 2026 at par, plus accrued interest and a make-whole premium, along with related fees and expenses.

The company said that, remaining funds will be used for working capital and general corporate purposes, which may include property development and expansion, debt repayment, capital expenditures, and other business needs.

On Wednesday, Gaming and Leisure Properties closed trading 0.83% higher at $46.25 on the Nasdaq.