Gaming and Leisure to repay term A debt, use revolver for tender offer

By Sarah Lizee

Olympia, Wash., May 9 – Gaming and Leisure Properties, Inc. plans to prepay outstanding borrowings under its term loan A facility and repay a portion of borrowings under its term loan A-1 facility using $485 million of proceeds from a two-part offering of $1 billion of senior notes, according to an 8-K filing with the Securities and Exchange Commission.

Additionally, the company said it will use $57.9 million in borrowings under a new revolving credit facility, along with roughly $503.9 million of net proceeds from the offering, to fund a cash tender offer to purchase $504.4 million of its 4 3/8% senior notes due Nov. 1, 2018.

Gaming and Leisure Properties is a Wyomissing, Pa.-based owner, acquirer, developer, manager and leaser of gaming and related facilities.

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