Published on 8/11/2020 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Gaming and Leisure prices $200 million tap of 4% notes due 2031 at 290 bps spread
By Cristal Cody
Tupelo, Miss., Aug. 11 – Gaming and Leisure Properties, Inc. subsidiaries GLP Capital, LP and GLP Financing II, Inc. priced a $200 million reopening of the issuers’ 4% guaranteed senior notes due Jan. 15, 2031 (Ba1/BBB-/BBB-) on Tuesday at 103.824 to yield 3.548%, or a spread of Treasuries plus 290 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Price talk was in the Treasuries plus 320 bps to 325 bps area.
The notes were first priced on June 17 in a $500 million offering at 98.827 to yield 4.138%, or Treasuries plus 340 bps. The total outstanding is now $700 million.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Fifth Third Securities Inc., BofA Securities Inc., Citizens Capital Markets Inc., Truist Securities Inc., M&T Securities, Credit Agricole Securities (USA) Inc., Barclays, Goldman Sachs & Co. LLC, Capital One Securities Inc., KeyBanc Capital Markets Inc. and Mizuho Securities USA Inc. were the bookrunners.
Gaming and Leisure is the guarantor.
The proceeds of the offering will be used to partially repay amounts outstanding under the companies’ term loan A-1, which has a principal balance outstanding of $225 million and an interest rate of Libor plus 150 bps as of July 31.
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: | $200 million reopening
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| Maturity: | Jan. 15, 2031
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| Description: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Fifth Third Securities Inc., BofA Securities Inc., Citizens Capital Markets Inc., Truist Securities Inc., M&T Securities, Credit Agricole Securities (USA) Inc., Barclays, Goldman Sachs & Co. LLC, Capital One Securities Inc., KeyBanc Capital Markets Inc. and Mizuho Securities USA Inc.
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| Coupon: | 4%
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| Price: | 103.824
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| Yield: | 3.548%
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| Spread: | Treasuries plus 290 bps
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| Call features: | Make-whole call at price equal to par and Treasuries plus 50 bps before 90 days prior to maturity; thereafter at par
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| Trade date: | Aug. 11
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| Settlement date: | Aug. 18
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| Ratings: | Moody’s: Ba1
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 320 bps-325 bps area
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| Total outstanding: | $700 million, including $500 million of notes priced June 17 at 98.827 to yield 4.138%, or Treasuries plus 340 bps
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