Gaming and Leisure kicks off $2.05 billion multi-tranche bullet deal

By Paul A. Harris

Portland, Ore., Oct. 11 - Gaming and Leisure Properties, Inc. kicked off a $2.05 billion offering of non-callable senior notes (Ba1/BBB-) in five-, seven- and 10-year tranches on Friday, according to a syndicate source.

Tranche sizes remain to be determined.

The deal is set to price early in the week of Oct. 21.

BofA Merrill Lynch is the left physical bookrunner for all three tranches and will bill and deliver for all three tranches.

For the five-year and 10-year tranches, J.P. Morgan Securities and RBS Securities Inc. are also joint physical bookrunners and Credit Agricole CIB, Fifth Third, Goldman Sachs & Co., Nomura, UBS Investment Bank and Wells Fargo Securities LLC are joint bookrunners.

For the seven-year tranche, RBS and Goldman Sachs are also joint physical bookrunners and Credit Agricole, Fifth Third, JPMorgan, Nomura, UBS and Wells Fargo are joint bookrunners.

All three tranches come with 101% poison puts.

Proceeds will be used to help finance the spinoff of Gaming and Leisure from Penn National Gaming.

The notes are in the market via GLP Capital LP and a corporate co-issuer, subsidiaries of Gaming and Leisure, a newly formed Wyomissing, Pa.-based real estate investment trust, which will own gaming assets throughout the United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.