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Gaming and Leisure Properties Announces Pricing of $800,000,000 of 5.625% Senior Notes Due 2036

GLPI
  • Gaming and Leisure Properties, Inc. (GLPI) announced the pricing of an $800 million public offering of senior notes due 2036.
  • The notes will be issued by GLP Capital, L.P. and GLP Financing II, Inc., guaranteed by GLPI, with a coupon of 5.625% & priced at 99.857% of par.
  • Net proceeds are intended to repay borrowings under the Operating Partnership's term loan credit facility, with remaining funds allocated to working capital, acquisitions, development projects, capital expenditures, & other general corporate purposes.
  • The offering is expected to close on March 4, 2026, subject to the satisfaction of closing conditions.
  • The securities are being offered under an effective SEC shelf registration statement via a prospectus & prospectus supplement.
  • Wells Fargo Securities, Truist Securities, Citizens JMP Securities, Fifth Third Securities, SMBC Nikko Securities, U.S. Bancorp Investments, M&T Securities, Mizuho Securities USA, RBC Capital Markets, KeyBanc Capital Markets, Raymond James, BofA Securities, J.P. Morgan Securities, Barclays Capital, Scotia Capital, Capital One Securities, Goldman Sachs, Citigroup, & Morgan Stanley are serving as joint book-running managers.
  • GLPI acquires, finances, & owns real estate leased to gaming operators under triple-net lease arrangements where tenants cover maintenance, insurance, taxes, & utilities.
  • The release includes forward-looking statements regarding the offering's completion, application of proceeds, construction of projects like Bally's Chicago Casino Resort, economic factors, tenant financial strength, REIT status compliance, & various risks including geopolitical conflicts.