Gaming and Leisure Properties Inc's Subsidiaries Closes Debt Financing - Form 8-K


Friday, 1 Nov 2013 05:54pm EDT 

Gaming and Leisure Properties Inc reported in its Form 8-K that Gaming and Leisure Properties, Inc. (GLPI) has closed its previously announced debt financings, consisting of $2.050 billion aggregate principal amount of three series of new senior notes issued by GLPI’s wholly owned subsidiaries GLP Capital, L.P. (GLP) and GLP Financing II, Inc.: $550.0 million of 4.375% Senior Notes due 2018; $1.000 billion of 4.875% Senior Notes due 2020; and $500.0 million of 5.375% Senior Notes due 2023 and $1.000.0 billion of new credit facilities comprised of a $300.0 million term loan facility with a maturity of five years and a $700.0 million revolving credit facility with a maturity of five years. GLPI used proceeds of the offering of the 2018 Notes and the 2023 Notes, together with borrowings under the Credit Facilities, to make distributions directly and indirectly, to Penn in partial exchange for the contributions of real property assets by Penn and CRC Holdings, Inc. to GLPI in connection with the Spin-Off and to pay related fees and expenses. GLPI used proceeds of the offering of the 2020 Notes to partially repay amounts funded under the Revolving Credit Facility and intends to use the remaining proceeds of the offering of the 2020 Notes to fund its future earnings and profits distribution and for working capital purposes.