Gaming & Leisure units plan fixed-rate senior notes in two tranches

By Devika Patel

Knoxville, Tenn., Aug. 15 – GLP Capital, LP and GLP Financing II, Inc., subsidiaries of Gaming & Leisure Properties Inc., intend to issue fixed-rate benchmark senior notes (expected ratings Ba1/BBB-/BBB-) in two tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The company is selling five-year notes with initial talk in the Treasuries plus 225 basis points area and 10-year notes due Jan. 15, 2030 with initial talk in the Treasuries plus 270 bps area.

Gaming & Leisure will guarantee the notes.

The notes may be called at the greater of a make-whole call and a par call.

Wells Fargo Securities LLC, BofA Securities, Inc., Fifth Third Securities Inc., J.P. Morgan Securities LLC, Barclays, Citizens Capital Markets Inc., Credit Agricole Securities (USA) Inc., M&T Securities Inc. and SunTrust Robinson Humphrey Inc. are the bookrunners.

Wells Fargo will bill and deliver.

Pricing is expected on Thursday.

Proceeds will be used to purchase up to $500 million of the company’s $1 billion of 4.875% senior notes due Nov. 1, 2020 and for general corporate purposes.

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

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