By Devika Patel
Knoxville, Tenn., Sept. 18 – Gaming & Leisure Properties Inc. subsidiaries GLP Capital, LP and GLP Financing II, Inc. offered further details about a $1.1 billion sale of senior notes (Ba1/BBB-/) that priced in two parts on Monday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $750 million of 5.3% notes due Jan. 15, 2029 at 99.985 to yield 5.303%, or a spread of 230 bps over Treasuries.
There was also a $350 million add-on to the company’s 5.25% notes due June 1, 2025 at 102.148 to yield 4.868%, with a spread of Treasuries plus 190 bps.
The notes will be guaranteed by Gaming & Leisure Properties Inc.
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 were 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.
| Issuer: | GLP Capital, LP and GLP Financing II, Inc.
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| Guarantor: | Gaming & Leisure Properties Inc.
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| Amount: | $1.1 billion
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| Description: | Senior notes
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| Bookrunners: | 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
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| Trade date: | Sept. 17
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| Settlement date: | Sept. 26
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| Ratings: | Moody’s: Ba1
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| S&P: BBB-
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| Notes due 2029
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| Amount: | $750 million
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| Maturity: | Jan. 15, 2029
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| Coupon: | 5.3%
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| Price: | 99.985
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| Yield: | 5.303%
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| Spread: | Treasuries plus 230 bps
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| Call: | Make-whole call at Treasuries plus 50 bps
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| Price guidance: | Treasuries plus 250 bps to 262.5 bps area
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| Notes due 2025
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| Amount: | $350 million reopening
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| Maturity: | June 1, 2025
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| Coupon: | 5.25%
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| Price: | 102.148
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| Yield: | 4.868%
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| Spread: | Treasuries plus 190 bps
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| Call: | The greater of a par call and a make-whole call at Treasuries plus 35 bps
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| Price guidance: | Treasuries plus 212.5 bps area
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| Total outstanding: | $850 million, including $500 million of notes sold on May 21
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