Gaming & Leisure units to price notes in two parts, including add-on

By Devika Patel

Knoxville, Tenn., Sept. 17 – Gaming & Leisure Properties Inc. subsidiaries GLP Capital, LP and GLP Financing II, Inc. will conduct a two-tranche offering of split-rated fixed-rate senior notes (Ba1/BBB-), according to a 424B5 filing with the Securities and Exchange Commission and a market source.

The notes will be sold in two tranches consisting of notes due 2029 and an add-on to its 5.25% notes due June 1, 2025. The company sold $500 million of the 2025 notes on May 21.

Price talk for the 2029 bonds is in the 250 bps to 262.5 bps area over Treasuries and talk for the tap of 2025 notes is in 212.5 bps area over Treasuries. Pricing is expected on Monday.

Both of the notes will have a make-whole call.

BofA Merrill Lynch, Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Citizens Capital Markets, Fifth Third Securities Inc., SunTrust Robinson Humphrey Inc., Siebert Capital Markets, Credit Agricole CIB, Goldman Sachs & Co. and Barclays are the joint bookrunners.

Proceeds will be used, along with borrowings under the company’s revolver, to acquire certain gaming properties and real estate assets.

Gaming & Leisure is a Wyomissing, Pa.-based gaming-oriented real estate investment trust.

© 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.