Gaming and Leisure Properties, Inc. Announces Underwriters’ Exercise of Greenshoe Option in Public Offering of Common Stock

WYOMISSING, Pa., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (the "Company" or “GLPI") (NASDAQ: GLPI), today announced that the underwriters in the recently completed public offering of common stock of the Company have exercised their option to acquire an additional 1,200,000 shares of common stock at the public offering price of $36.25 per share, less the underwriting discount.

The Company now estimates that the net proceeds from the offering will be approximately $320.8 million. The Company intends to use the net proceeds from the offering to partially finance the previously announced acquisitions of certain real property assets from Twin River Worldwide Holdings, Inc. and Caesars Entertainment, Inc. (collectively, the “Twin River/Caesars Acquisitions”) and for working capital and general corporate purposes. The offering is not conditioned upon the successful completion of the Twin River/Caesars Acquisitions and there is no assurance that the Twin River/Caesars Acquisitions will be consummated on the anticipated schedule or at all. Pending such uses, the Company intends to use the net proceeds from the offering to repay borrowings under the senior credit facility or invest in interest-bearing accounts and short-term, interest-bearing securities.

Wells Fargo Securities, BofA Securities, Barclays and Mizuho Securities are serving as representatives of the underwriters and joint book-running managers for the offering. Goldman Sachs & Co. LLC, J.P. Morgan, Citizens Capital Markets, Inc., Fifth Third Securities, Inc., Stifel, Nicolaus & Company, Incorporated, Trust Securities, Inc. and Credit Agricole Securities (USA) Inc. are also serving as joint book-running managers for the offering.  Scotia Capital (USA) Inc., Capital One Securities, Inc., KeyBanc Capital Markets Inc., Ladenburg Thalmann & Co. Inc., Raymond James & Associates, Inc., SMBC Nikko Securities America, Inc., Union Gaming Securities LLC and Bancroft Capital, LLC are serving as co-managers for the offering. The offering will be made under the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission ("SEC"). When available, a copy of the final prospectus supplement and prospectus relating to the offering may be obtained from Wells Fargo Securities, LLC, 500 West 33rd Street, New York, NY 10001, Attention: Equity Syndicate Department (fax no: [phone]), BofA Securities NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC  28255-0001, Attn: Prospectus Department, Email: [e-mail], Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, [e-mail], [phone] or Mizuho Securities USA LLC, 1271 Avenue of the Americas, New York, NY 10020, Attn: Equity Capital Markets Desk or by visiting the EDGAR database on the SEC’s web site at www.sec.gov.