| Item 1.01 |
Entry into a Material Definitive Agreement |
On March 4, 2026, GLP Capital, L.P. (“GLP”), the operating partnership of Gaming and Leisure Properties, Inc. (“GLPI”), entered into Amendment No. 3 (the “Amendment”) to the Credit Agreement among GLP, Wells Fargo Bank, National Association, as administrative agent, and the several banks and other financial institutions or entities party thereto, dated as of May 13, 2022 (the “Credit Agreement”). Pursuant to the Amendment, GLP borrowed a new $679,000,000 term loan (the “Term Loan”), the proceeds of which were used to repay $679,000,000 of outstanding bridge revolving loans (without any corresponding reduction in revolving commitments). The Term Loan matures on December 2, 2028, subject to two six-month extensions at GLP’s option.
Interest Rate and Fees
The interest rates per annum applicable to the Term Loan are, at GLP’s option, equal to either a Secured Overnight Financing Rate (“SOFR”)-based rate or a base rate plus an applicable margin, which ranges from 0.850% to 1.70% per annum for SOFR loans and 0.0% to 0.7% per annum for base rate loans, in each case, depending on the credit ratings assigned to the credit facility under the Credit Agreement.
Amortization and Prepayments
The Term Loan is not subject to interim amortization. GLP is not required to repay the Term Loan prior to maturity but may prepay all or any portion of the Term Loan prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the lenders. Amounts repaid under the Term Loan may not be reborrowed.
Other Terms
The Term Loan is subject to the representations and warranties, affirmative covenants, negative covenants, financial covenants and events of default set forth in the Credit Agreement and applicable to the revolving loans therein. The Term Loan is guaranteed by GLPI and subject to a conditional guarantee by Bally’s Corporation (“Bally’s”) on a secondary basis, subject to enforcement of all remedies against GLP, GLPI and all sources other than Bally’s.
The parties to the Amendment and certain of their respective affiliates have performed investment banking, commercial lending and advisory services for GLPI from time to time, for which they have received customary fees and expenses. These parties may, from time to time, engage in transactions with, and perform services for, GLPI and its affiliates in the ordinary course of their business.
The foregoing descriptions are summaries of the Amendment and are qualified in their entirety by the full text of the Amendment, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
| Item 1.02. |
Termination of a Material Definitive Agreement |
On March 4, 2026, GLP repaid in full all outstanding obligations under the Term Loan Credit Agreement among GLP, Wells Fargo Bank, National Association, as administrative agent, and the several banks and other financial institutions or entities party thereto, dated as of September 2, 2022 (the “2022 Term Loan Agreement”). All of GLP’s and GLPI’s obligations under the 2022 Term Loan Agreement have been paid and discharged in full and all guarantees granted by GLPI and any other party in connection with the 2022 Term Loan Agreement have been released (other than with respect to customary provisions and agreements that are expressly specified to survive the termination). GLP and GLPI did not incur any early termination penalties in connection with repayment of the indebtedness or termination.
