By Cristal Cody
Tupelo, Miss., Aug. 15 – Gaming & Leisure Properties, Inc. priced $1.1 billion of senior notes (Ba1/BBB-/BBB-) in two tranches on Thursday through subsidiaries GLP Capital, LP and GLP Financing II, Inc., according to a market source and an FWP filing with the Securities and Exchange Commission.
The company sold $400 million of 3.35% five-year notes at 99.899 to yield 3.372% and a spread of 195 basis points over Treasuries.
Initial talk was in the Treasuries plus 225 bps area with guidance tightened to the 200 bps area.
A $700 million tranche of 4% notes due Jan. 15, 2030 priced on top of guidance at a Treasuries plus 250 bps spread. The notes came at 99.751 to yield 4.03%.
The issue was initially talked to price in the Treasuries plus 270 bps area.
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. were the bookrunners.
Gaming & Leisure will guarantee the notes.
The company held fixed income investor calls on Tuesday ahead of the offering.
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.
| Issuers: | GLP Capital, LP and GLP Financing II, Inc.
|
| Guarantor: | Gaming & Leisure Properties, Inc.
|
| Amount: | $1.1 billion
|
| Description: | Senior notes
|
| Bookrunners: | 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.
|
| Trade date: | Aug. 15
|
| Settlement date: | Aug. 29
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Marketing: | Fixed income investor calls
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | Sept. 1, 2024
|
| Coupon: | 3.35%
|
| Price: | 99.899
|
| Yield: | 3.372%
|
| Spread: | Treasuries plus 195 bps
|
| Call features: | Make-whole call until 30 days before maturity at price equal to par and Treasuries plus 30 bps; thereafter at par
|
| Price guidance: | Treasuries plus 200 bps area, plus or minus 5 bps; initial talk at Treasuries plus 225 bps area
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | Jan. 15, 2030
|
| Coupon: | 4%
|
| Price: | 99.751
|
| Yield: | 4.03%
|
| Spread: | Treasuries plus 250 bps
|
| Call features: | Make-whole call until 90 days before maturity at price equal to par and Treasuries plus 40 bps; thereafter at par
|
| Price guidance: | Treasuries plus 250 bps; initial talk at Treasuries plus 270 bps area
|
© 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.
