Published on 12/7/2021 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Gaming and Leisure sells $800 million 3.25% notes due 2032 at 185 bps spread
By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Dec. 7 – Gaming and Leisure Properties, Inc. subsidiaries GLP Capital, LP and GLP Financing II, Inc. priced $800 million of 3.25% senior notes due Jan. 15, 2032 (BBB-) on Tuesday at 99.376 to yield 3.323%, or a spread of Treasuries plus 185 basis points, according to an FWP filing with the Securities and Exchange Commission.
Initial talk was in the Treasuries plus 220 bps area, according to a market source.
Wells Fargo Securities, LLC, BofA Securities, Inc., Fifth Third Securities, Inc., J.P. Morgan Securities LLC, Citizens Capital Markets, Inc., Truist Securities, Inc., Barclays, KeyBanc Capital Markets Inc., M&T Securities, Inc., Capital One Securities, Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and Mizuho Securities USA LLC were the bookrunners.
Gaming and Leisure will guarantee the notes.
Proceeds will be used to partially fund the Cordish acquisition. If the acquisition is not completed, proceeds will be used for working capital and general corporate purposes.
The Cordish acquisition is $1.81 billion, comprised of $795.2 million of debt assumption, $323 million of newly issued limited partnership units and the rest in cash.
Gaming and Leisure is a Wyomissing, Pa.-based gaming-oriented real estate investment trust.
| Issuers: | GLP Capital, LP and GLP Financing II, Inc.
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| Guarantor: | Gaming and Leisure Properties, Inc.
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| Amount: | $800 million
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| Issue: | Senior notes
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| Maturity: | Jan. 15, 2032
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| Bookrunners: | Wells Fargo Securities, LLC, BofA Securities, Inc., Fifth Third Securities, Inc., J.P. Morgan Securities LLC, Citizens Capital Markets, Inc., Truist Securities, Inc., Barclays, KeyBanc Capital Markets Inc., M&T Securities, Inc., Capital One Securities, Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and Mizuho Securities USA LLC
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| Co-managers: | Raymond James & Associates, Inc., Scotia Capital (USA) Inc., Stifel, Nicolaus & Co., Inc., Ladenburg Thalmann & Co. Inc., SMBC Nikko Securities America, Inc., CBRE Securities, LLC and Bancroft Capital, LLC
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| Coupon: | 3.25%
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| Price: | 99.376
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| Yield: | 3.323%
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| Spread: | Treasuries plus 185 bps
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| Call features: | Make-whole call at price equal to par and Treasuries plus 30 bps before 90 days prior to maturity; thereafter at par
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| Trade date: | Dec. 7
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| Settlement date: | Dec. 13
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| Rating: | S&P: BBB-
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 220 bps area
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| Cusip: | 361841AR0
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