Gaming and Leisure Properties prices $1.3B offering of senior notes

Gaming and Leisure Properties (GLPI) announced the pricing of a public offering of $1,300,000,000 aggregate principal amount of Notes, to be issued by its operating partnership, GLP Capital, and GLP Financing II, Inc., a wholly-owned subsidiary of the Operating Partnership. The Notes will be issued in two tranches, the first of which will be senior notes due 2033 and the second of which will be senior notes due 2037. The 2033 Notes priced at 99.642% of par value, with a coupon of 5.250%, and will mature on February 15, 2033. The 2037 Notes priced at 99.187% of par value, with a coupon of 5.750%, and will mature on November 1, 2037. The Notes will be senior unsecured obligations of the Issuers, guaranteed by GLPI. The Issuers intend to use the net proceeds from the offering to fund the redemption in full of their $975.0 million 5.375% senior unsecured notes due April 2026 at a redemption price equal to par, plus accrued and unpaid interest to, but not including, the date of redemption, plus a make-whole premium, and any related fees and expenses. The Issuers intend to use the remaining proceeds for working capital and general corporate purposes, which may include funding development and expansion projects at existing and new properties, repayment of indebtedness, capital expenditures and other general business purposes. The offering is expected to close on August 27, 2025, subject to the satisfaction of certain closing conditions.