Gaming and Leisure Properties (NASDAQ: GLPI) (the “Company” or “GLPI”) has announced GLP Capital, LP, an Operating partnership of GLPI, and GLP Financing II, a wholly-owned subsidiary of the GLP Capital, have started to sell the senior notes for Public Offerings. Both GLP Capital and GLP Financing II are the issuers of the senior notes. The notes will be guaranteed by the company, however, will be unsecured obligations of the issuers.
The issuers have made two offerings.
a. It has shown the intention to use approximately $512m of the net proceeds to a tender offer (cash tender). It intends to buy $500m aggregate principal amount of issuers’. It is outstanding 4.875% senior unsecured notes due November 1, 2020, or ‘2020 Notes’.
b. Any net proceeds that are more than the above mentioned $512m should be used for general corporate purposes. The corporate purposes could be revolving credit, outstanding borrowings, or Term Loan A-1 Facility. For 2020 notes, net proceeds would be used for less than $500m and anything above it will be used for general corporate purposes.
The offerings will be made from the registration statement filed with the Securities and Exchange Commission. The preliminary form has already been filled and is available in the EDGAR database on www.sec.gov.
Bofa securities, Wells Fargo Securities, Fifth Third Securities, JP Morgan Securities, Barclays Capital INC, Citizens Capital Markets, Credit Agricole Securities, M&T Securities, SunTrust Robinson Humphrey are serving and acting as Joint Booking managers dedicated for this offerings. The preliminary and final supplement (once ready) can be obtained from them. The prospectus of the offering can also be obtained from these banks.
Wells Fargo Securities, LLC: 1-800-645-3751
BofA Securities, Inc: 1-800-294-1322
Fifth Third Securities, Inc: 1-866-531-5353
J.P. Morgan Securities LLC: 1-212-834-4533
This is just a press release and does not constitute an offer to buy or sell. The offer will not be available in any jurisdiction where the solicitation of buy or sell is illegal. All the solicitation of buy and sell should be done by the prospectus supplement and effective registration statement from the Securities and Exchange Commission.