By Cristal Cody
Tupelo, Miss., June 17 – Gaming and Leisure Properties, Inc. subsidiaries GLP Capital, LP and GLP Financing II, Inc. priced an upsized $500 million of 4% senior notes due Jan. 15, 2031 (Ba1/BBB-/BBB-) on Wednesday at 98.827 to yield 4.138%, or a spread of Treasuries plus 340 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial talk was in the Treasuries plus 410 bps to 415 bps area.
The deal was upsized from $300 million.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Fifth Third Securities Inc., BofA Securities Inc., Citizens Capital Markets Inc., SunTrust Robinson Humphrey Inc., M&T Securities Inc., Credit Agricole Securities (USA) Inc., Barclays, Goldman Sachs & Co. LLC, Capital One Securities Inc., KeyBank Capital Markets Inc. and Mizuho Securities USA LLC were the bookrunners.
Gaming and Leisure will guarantee the notes.
The proceeds will be used, together with cash on hand, to reduce the company’s borrowings under its revolving credit facility, with a portion going toward fees and expenses related to the offering and for working capital and general corporate purposes, including fees and expenses associated with a credit agreement amendment.
Gaming & 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: | $500 million
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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., SunTrust Robinson Humphrey Inc., M&T Securities Inc., Credit Agricole Securities (USA) Inc., Barclays, Goldman Sachs & Co. LLC, Capital One Securities Inc., KeyBank Capital Markets Inc. and Mizuho Securities USA LLC
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| Coupon: | 4%
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| Price: | 98.827
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| Yield: | 4.138%
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| Spread: | Treasuries plus 340 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: | June 17
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| Settlement date: | June 25
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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 410 bps-415 bps area
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