Gaming and Leisure Properties Announces Pricing of $200,000,000 of Additional 4.000% Senior Notes Due 2031

WYOMISSING, Pa., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (“GLPI”) (NASDAQ: GLPI) today announced the pricing of a public offering of $200.0 million aggregate principal amount of 4.000% Senior Notes Due 2031 (the “Additional Notes”), to be issued by its operating partnership, GLP Capital, L.P. (the “Operating Partnership”), and GLP Financing II, Inc., a wholly owned subsidiary of the Operating Partnership (together with the Operating Partnership, the “Issuers”). The Additional Notes will be issued as additional notes under the indenture that governs the Issuers’ $500.0 million aggregate principal amount of 4.000% Senior Notes Due 2031 issued on June 25, 2020 (the “Initial Notes”), and will have substantially identical terms and conditions as those of the Initial Notes (other than issue date and issue price). Upon consummation of this offering, the aggregate outstanding principal amount of the Issuers’ 4.000% Senior Notes Due 2031 will be $700,000,000. Further the Additional Notes are expected to have the same CUSIP number as, and to be fungible for trading purposes with, the Initial Notes. The Additional Notes will be senior unsecured obligations of the Issuers, guaranteed by GLPI.

The net proceeds from the offering, after deducting underwriting discounts and commissions and estimated expenses, are expected to be approximately $205.4 million. The Issuers intend to use the net proceeds to partially repay amounts outstanding under the Term Loan A-1, which had a principal outstanding balance of $225.0 million as of July 31, 2020, and other expenses related to this offering. At July 31, 2020, the interest rate on the Term Loan A-1 was LIBOR plus 1.50%. All or any portion of the Term Loan A-1 may be prepaid prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders.

The offering is expected to close on August 18, 2020, subject to certain closing conditions.

The offering will be made under an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) and only by means of a prospectus and prospectus supplement. The preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available by visiting the EDGAR database on the SEC’s website at www.sec.gov.