Published on 11/15/2023 in the Prospect News Investment Grade Daily.
New Issue: Gaming and Leisure’s GLP units sell $400 million 6.75% notes due 2033
Chicago, Nov. 15 – Gaming and Leisure Properties, Inc.’s subsidiaries, GLP Capital, LP and GLP Financing II, Inc., priced $400 million of 6.75% senior notes due 2033 (//BBB-), according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 98.196 to yield 7.003%, or at Treasuries plus 245 basis points.
There will be make-whole call protection at Treasuries plus 40 bps until the par call date three months before the maturity date.
Wells Fargo Securities, LLC, Citizens JMP Securities, Inc., Fifth Third Securities, Inc., Truist Securities, Inc., M&T Securities, Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc., KeyBanc Capital Markets Inc., RBC Capital Markets, LLC, Barclays Capital Inc., Scotia Capital (USA) Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Capital One Securities, Inc., Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. are the bookrunners.
Parent Gaming and Leisure guarantees the notes.
Proceeds will be used for working capital and general corporate purposes, which may include the acquisition, development and improvement of properties, the repayment of debt, capital expenditures and other general business purposes.
Wyomissing, Pa.-based Gaming and Leisure is a self-administered and self-managed real estate investment trust focused on gaming and leisure operators.
| Issuers: | GLP Capital, LP and GLP Financing II, Inc.
|
| Guarantor: | Gaming and Leisure Properties, Inc.
|
| Amount: | $400 million
|
| Issue: | Senior notes
|
| Maturity: | Dec. 1, 2033
|
| Bookrunners: | Wells Fargo Securities, LLC, Citizens JMP Securities, Inc., Fifth Third Securities, Inc., Truist Securities, Inc., M&T Securities, Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc., KeyBanc Capital Markets Inc., RBC Capital Markets, LLC, Barclays Capital Inc., Scotia Capital (USA) Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Capital One Securities, Inc., Goldman Sachs & Co. LLC and Citigroup Global Markets Inc.
|
| Trustee: | Computershare Trust Co., NA
|
| Counsel to issuer: | Goodwin Procter LLP, Holland & Knight LLP
|
| Counsel to underwriters: | Paul Hastings LLP, Holland & Knight LLP
|
| Coupon: | 6.75%
|
| Price: | 98.196
|
| Yield: | 7.003%
|
| Spread: | Treasuries plus 245 bps
|
| Call features: | Make-whole call at Treasuries plus 40 bps; three-month par call
|
| Trade date: | Nov. 15
|
| Settlement date: | Nov. 22
|
| Rating: | Fitch: BBB-
|
| Distribution: | SEC registered
|
| Cusip: | 361841AS8
|
|
|
© 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.
