GLPI Financing

Gaming and Leisure Properties Announces Pricing of $600,000,000 of 5.250% Senior Notes Due 2033 and $700,000,000 of 5.750% Senior Notes Due 2037

Published August 14, 2025 at 11:30 AM

WYOMISSING, Pa., Aug. 14, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (“GLPI”) (NASDAQ: GLPI) announced the pricing of a public offering of $1,300,000,000 aggregate principal amount of Notes (as defined below), 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 will be issued in two tranches, the first of which will be senior notes due 2033 (the “2033 Notes”) and the second of which will be senior notes due 2037 (the “2037 Notes” and, together with the 2033 Notes, the “Notes”). The 2033 Notes priced at 99.642% of par value, with a coupon of 5.250%, and will mature on February 15, 2033. The 2037 Notes priced at 99.187% of par value, with a coupon of 5.750%, and will mature on November 1, 2037. The Notes will be senior unsecured obligations of the Issuers, guaranteed by GLPI.

Related Questions

How does the pricing at 99.642% and 99.187% of par compare to recent comparable offerings in the gaming‑real estate sector? How will the issuance of $1.3 billion in senior notes affect GLPI's capital structure and leverage ratios? What is the expected use of proceeds from the 2033 and 2037 notes and how will it impact future growth or acquisitions? What yield to maturity do these notes represent relative to GLPI's current stock dividend yield and the broader market rates? Will the senior unsecured nature of the notes and the GLPI guarantee affect the company's credit rating or borrowing capacity? Are there any call or redemption provisions attached to the 2033 or 2037 notes that could affect future cash‑flow planning? How might the new issuance influence GLPI's share price in the short term, considering potential dilution or market perception of increased debt? What covenants or restrictions, if any, are associated with the notes that could limit GLPI's operational flexibility? How does the interest expense from the 5.250% and 5.750% coupons impact GLPI's projected earnings per share and REIT distribution coverage ratios? What is the market's appetite for longer‑dated 2037 senior notes at a 5.75% coupon, and could this affect secondary market liquidity? How does this financing move position GLPI relative to its peers in the gaming and leisure REIT space regarding cost of capital and debt maturity profile?