Gaming and Leisure Properties Announces Pricing of $400,000,000 of 6.750% Senior Notes Due 2033
15 Noviembre 2023 - 4:14PM
Gaming and Leisure Properties, Inc. (“GLPI”) (NASDAQ: GLPI) today
announced the pricing of a public offering of $400.0 million
aggregate principal amount of 6.750% Senior Notes Due 2033 (the
“Notes”), to be issued by its operating partnership, GLP Capital,
L.P. (the “Operating Partnership”), and GLP Financing II, Inc., a
wholly owned subsidiary of the Operating Partnership (together with
the Operating Partnership, the “Issuers”). The Notes priced at
98.196% of par value, with a coupon of 6.750% and will mature on
December 1, 2033. The Notes will be senior unsecured obligations of
the Issuers, guaranteed by GLPI.
The Issuers intend to use the net proceeds from
the offering for working capital and general corporate purposes,
which may include the acquisition, development and improvement of
properties, the repayment of indebtedness, capital expenditures and
other general business purposes.
The offering is expected to close on November
22, 2023, subject to certain closing conditions.
The offering will be made under an effective
shelf registration statement filed with the Securities and Exchange
Commission (the “SEC”) and only by means of a prospectus and
prospectus supplement. The preliminary prospectus supplement and
accompanying prospectus relating to the offering have been filed
with the SEC and are available by visiting the EDGAR database on
the SEC’s website at www.sec.gov.
Wells Fargo Securities, LLC, Citizens JMP
Securities, LLC, 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 serving
as joint book-running managers for the offering. A copy of the
preliminary prospectus supplement, final prospectus supplement
(when available) and the accompanying prospectus relating to the
offering of the Notes may be obtained by contacting Wells Fargo
Securities, LLC by calling 1-800-645-3751, Citizens JMP Securities,
LLC by calling 1-617-725-5500, Fifth Third Securities, Inc. by
calling 1-866-531-5353 or Truist Securities, Inc. by calling
1-800-685-4786.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor will there be
any sale of these securities in any jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. Any offer or sale will be made only by means of the
prospectus supplement and prospectus forming part of the effective
registration statement relating to these securities.
About Gaming
and Leisure
Properties
GLPI is engaged in the business of acquiring,
financing, and owning real estate property to be leased to gaming
operators in triple-net lease arrangements, pursuant to which the
tenant is responsible for all facility maintenance, insurance
required in connection with the leased properties and the business
conducted on the leased properties, taxes levied on or with respect
to the leased properties, and all utilities and other services
necessary or appropriate for the leased properties and the business
conducted on the leased properties.
Forward-Looking
Statements
This press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, including our expectations regarding our
ability to complete the offering and apply the net proceeds as
indicated. Forward-looking statements can be identified by the use
of forward-looking terminology such as “expects,” “believes,”
“estimates,” “intends,” “may,” “will,” “should” or “anticipates” or
the negative or other variation of these or similar words, or by
discussions of future events, strategies or risks and
uncertainties. Such forward-looking statements are inherently
subject to risks, uncertainties and assumptions about us and our
subsidiaries, including risks related to the following: (i) our
ability to successfully consummate the offering and apply the net
proceeds as indicated; (ii) our belief that there are near- and
longer-term cases for us to further support tenants with innovative
financing, capital and development structures in an accretive,
prudent manner; (iii) our expectation to see continued financial
growth over the balance of 2023 and beyond, reflecting our recent
portfolio expansions, recently completed transactions and
contractual rent escalators; (iv) our expectation that our
disciplined capital investment approach, combined with our focus on
stable and resilient regional gaming markets, supports our
confidence that we are well positioned to further grow its cash
dividend and drive long-term shareholder value; (v) our ability to
successfully consummate pending transactions, including the ability
of the parties to satisfy various conditions and receive required
regulatory approvals; (vi) the effect of pandemics, such as
COVID-19, on us as a result of the impact such pandemics may have
on the business operations of our tenants and their continued
ability to pay rent in a timely manner or at all; (vii) the
potential negative impact of ongoing high levels of inflation
(which have been exacerbated by the armed conflict between Russia
and Ukraine and may be further impacted by recent events in the
Middle East) on our tenants' operations; (viii) the availability of
and the ability to identify suitable and attractive acquisition and
development opportunities and the ability to acquire and lease
those properties on favorable terms; (ix) the ability to receive,
or delays in obtaining, the regulatory approvals required to own
and/or operate our properties, or other delays or impediments to
completing acquisitions or projects; (x) GLPI’s ability to maintain
its status as a real estate investment trust (“REIT”); (xi) our
ability to access capital through debt and equity markets in
amounts and at rates and costs acceptable to us; (xii) the impact
of our substantial indebtedness on our future operations; (xiii)
changes in the U.S. tax law and other state, federal or local laws,
whether or not specific to REITs or to the gaming or lodging
industries; and (xiv) other factors described in GLPI’s Annual
Report on Form 10-K for the year ended December 31, 2022, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K, each as filed
with the SEC. All subsequent written and oral forward-looking
statements attributable to us or persons acting on our behalf are
expressly qualified in their entirety by the cautionary statements
included in this press release. We undertake no obligation to
publicly update or revise any forward-looking statements contained
herein, whether as a result of new information, future events or
otherwise, except as required by law. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this press release may not occur as presented or at all.
Contact: |
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|
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Gaming and Leisure Properties, Inc. |
Investor Relations |
Matthew Demchyk, Chief Investment Officer |
Joseph Jaffoni, Richard Land, James Leahy at JCIR |
610/401-2900 |
212/835-8500 |
investorinquiries@glpropinc.com |
glpi@jcir.com |
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