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

Rhea-AI Summary

Gaming and Leisure Properties (NASDAQ: GLPI) has announced the pricing of a $1.3 billion senior notes offering through its operating partnership. The offering consists of two tranches: $600 million of 5.250% senior notes due 2033 and $700 million of 5.750% senior notes due 2037.

The company plans to use the proceeds primarily to redeem their $975 million 5.375% senior unsecured notes due April 2026. The remaining funds will be allocated for working capital and general corporate purposes, including potential development projects and debt repayment. The offering is expected to close on August 27, 2025.

Positive

• Strategic refinancing extends debt maturity profile to 2033 and 2037
• Maintains strong liquidity position with additional funds for development and expansion
• Successful placement of notes demonstrates continued access to capital markets

Negative

• Higher interest rates on new notes (5.250% and 5.750%) compared to existing 5.375% notes being redeemed
• Additional costs incurred due to make-whole premium payment on early redemption
• Increased total debt load by approximately $325 million

Insights

Debt Capital Markets Specialist

GLPI's $1.3B debt offering refinances existing debt at competitive rates, extending maturity profile while maintaining financial flexibility.

Gaming and Leisure Properties (GLPI) has priced a substantial $1.3 billion debt offering in two tranches - $600 million of 5.25% senior notes due 2033 and $700 million of 5.75% senior notes due 2037. This strategic debt offering is primarily aimed at redeeming their $975 million 5.375% notes due April 2026, which will involve paying par value plus a make-whole premium.

The transaction represents a proactive refinancing approach that extends GLPI's debt maturity profile by 7-11 years. While the 2033 notes come with a slightly lower coupon (5.25% vs. 5.375%), the 2037 notes carry a higher rate (5.75%), reflecting the longer duration and current interest rate environment. Both tranches are priced slightly below par (99.642% and 99.187% respectively), which effectively raises the yield for investors.

The deal's broad syndicate of 18 financial institutions indicates strong market interest. With approximately $325 million in proceeds beyond the redemption needs, GLPI gains additional financial flexibility for potential development projects and expansion opportunities. As a gaming REIT, this capital structure optimization supports GLPI's ability to continue pursuing growth while managing its debt maturity ladder effectively.

The successful pricing demonstrates GLPI's continued access to capital markets despite elevated interest rates. The company is essentially trading near-term debt obligations for longer-dated maturities, which reduces refinancing risk in the coming years while maintaining operational flexibility through the additional proceeds.

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.

The Issuers intend to use the net proceeds from the offering to fund the redemption in full of their $975.0 million 5.375% senior unsecured notes due April 2026 at a redemption price equal to par, plus accrued and unpaid interest to, but not including, the date of redemption, plus a make-whole premium, and any related fees and expenses. The Issuers intend to use the remaining proceeds for working capital and general corporate purposes, which may include funding development and expansion projects at existing and new properties, repayment of indebtedness, capital expenditures and other general business purposes.

The offering is expected to close on August 27, 2025, subject to the satisfaction of 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., BofA Securities, Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., RBC Capital Markets, LLC, Barclays Capital Inc., Capital One Securities, Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC 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 “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” 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 GLPI and its subsidiaries, including risks related to the following: GLPI’s ability to successfully consummate the offering and apply the net proceeds as indicated; the ability of GLPI or its partners to successfully complete construction of various casino projects currently under development for which GLPI has agreed to provide construction development funding, and the ability and willingness of GLPI’s partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents; the impact that higher inflation and interest rates and uncertainty with respect to the future state of the economy could have on discretionary consumer spending, including the casino operations of our tenants; unforeseen consequences related to U.S. government economic, monetary or trade policies and stimulus packages on inflation rates, interest rates and economic growth; the ability of GLPI’s tenants to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including, without limitation, to satisfy obligations under their existing credit facilities and other indebtedness; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms; the degree and nature of GLPI’s competition; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing GLPI’s planned acquisitions or projects; the potential of a new pandemic, or other health crises, including the effect on the ability or desire of people to gather in large groups (including in casinos), which could impact GLPI’s financial results, operations, outlooks, plans, goals, growth, cash flows, liquidity, and stock price; GLPI’s ability to maintain its status as a real estate investment trust (“REIT”), given the highly technical and complex Internal Revenue Code provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which GLPI has no control or only limited influence; the satisfaction of certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for GLPI to maintain its REIT status; the ability and willingness of GLPI’s tenants and other third parties to meet and/or perform their obligations under their respective contractual arrangements with GLPI, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold GLPI harmless from and against various claims, litigation and liabilities; the ability of GLPI’s tenants to comply with laws, rules and regulations in the operation of GLPI’s properties, to deliver high quality services, to attract and retain qualified personnel and to attract customers; the ability to generate sufficient cash flows to service and comply with financial covenants under GLPI’s outstanding indebtedness; GLPI’s ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for the satisfaction of our funding commitments to the extent drawn by our partners, acquisitions or refinancings due to maturities; the ability of our tenants to decline our funding commitments by seeking alternative financing solutions and/or if our tenants do elect to utilize our funding commitments, the amounts drawn and the timing of these draws may be different than what the Company assumed; adverse changes in GLPI’s credit rating; the availability of qualified personnel and GLPI’s ability to retain its key management personnel; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to real estate, REITs or to the gaming, lodging or hospitality industries; changes in accounting standards; the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war (including the current conflict between Russia and Ukraine and conflicts in the Middle East) or political instability; the risk that the historical financial statements do not reflect what the business, financial position or results of operations of GLPI may be in the future; other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the SEC. GLPI undertakes 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
Gaming and Leisure Properties, Inc.
Desiree A. Burke
Chief Financial Officer and Treasurer
610/401-2900
investorinquiries@glpropinc.com

Investor Relations
Joseph Jaffoni at JCIR
212/835-8500
glpi@jcir.com

FAQ

What is the size and structure of GLPI's new notes offering in 2025?

GLPI is offering $1.3 billion in senior notes in two tranches: $600 million at 5.250% due 2033 and $700 million at 5.750% due 2037.

How will GLPI use the proceeds from its 2025 notes offering?

The proceeds will primarily be used to redeem $975 million of 5.375% notes due 2026, with remaining funds for working capital, development projects, and general corporate purposes.

When will GLPI's new notes offering close?

The notes offering is expected to close on August 27, 2025, subject to satisfaction of closing conditions.

What are the interest rates and maturity dates for GLPI's new notes?

The 2033 notes carry a 5.250% coupon maturing February 15, 2033, while the 2037 notes have a 5.750% coupon maturing November 1, 2037.

Who are the underwriters for GLPI's 2025 notes offering?

The offering's joint book-running managers include Wells Fargo Securities, Citizens JMP Securities, Fifth Third Securities, Truist Securities, and several other major financial institutions.