Gaming and Leisure financing units offer fixed-rate senior notes

Chicago, Dec. 7 – GLP Capital LP and GLP Financing II Inc. are offering fixed-rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The notes have a make-whole call and then a par call a number of months before the maturity date.

A guarantee on a senior basis will be provided by Gaming and Leisure Properties, Inc.

Wells Fargo Securities, LLC, BofA Securities, Inc., Fifth Third Securities, Inc. and J.P. Morgan Securities LLC are leading the sale.

Citizens Capital Markets, Inc., Truist Securities, Inc., Barclays, KeyBanc Capital Markets Inc., M&T Securities, Inc., Capital One Securities, Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and Mizuho Securities USA LLC are also joint bookrunners.

Goodwin Procter LLP is working as counsel to the issuer. Cahill Gordon & Reindel LLP is advising the bookrunners.

Proceeds will be used to partially fund the Cordish acquisitions. If the acquisition is not completed, proceeds will be used for working capital and general corporate purposes.

The Cordish acquisition is $1.81 billion, comprised of $795.2 million of debt assumption, $323 million of newly issued limited partnership units and the rest in cash.

The issuer is a Wyomissing, Pa.-based real estate investment trust with a primary business of acquiring real estate to be leased to gaming operators in triple-net lease arrangements.

© 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.