Gaming and Leisure Properties prices $1.3 billion notes offering

WYOMISSING, Pa. - Gaming and Leisure Properties, Inc. (NASDAQ:GLPI), a $13.09 billion market cap real estate investment trust with a robust 6.75% dividend yield, announced Thursday it has priced a public offering of $1.3 billion in senior notes to be issued through its operating partnership, GLP Capital, L.P., and subsidiary GLP Financing II, Inc.

The offering consists of two tranches: senior notes due 2033 priced at 99.642% of par value with a 5.250% coupon, and senior notes due 2037 priced at 99.187% of par value with a 5.750% coupon.

The company plans to use the proceeds primarily to redeem its $975 million 5.375% senior unsecured notes due April 2026 at par, plus accrued interest and a make-whole premium. Remaining funds will support working capital and general corporate purposes, including potential development projects and debt repayment. According to InvestingPro data, GLPI maintains strong liquidity with a current ratio of 3.02, indicating healthy financial flexibility for such strategic moves.

The notes will be senior unsecured obligations guaranteed by GLPI. The offering is expected to close on August 27, subject to customary closing conditions.

Wells Fargo Securities, Citizens JMP Securities, Fifth Third Securities, and Truist Securities are among the joint book-running managers for the offering.

GLPI specializes in acquiring, financing, and owning real estate properties leased to gaming operators under triple-net lease arrangements, where tenants are responsible for facility maintenance, insurance, taxes, and utilities. The company has demonstrated solid performance with 5.38% revenue growth and maintains a GREAT financial health score according to InvestingPro analysis, which indicates the stock is currently trading below its Fair Value. For deeper insights into GLPI’s valuation and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.

The information in this article is based on a company press release statement.

In other recent news, Gaming & Leisure Properties reported its second-quarter 2025 earnings, surpassing expectations for earnings per share (EPS) but missing slightly on revenue. The company achieved an EPS of $0.79, which was higher than the projected $0.75, representing a 5.33% surprise. However, revenue was reported at $394.9 million, falling short of the anticipated $396.97 million. These developments reflect the company’s mixed performance in the recent quarter. Despite the earnings beat, the revenue miss highlights areas of concern for investors. The financial results have prompted discussions among analysts regarding future performance. Investors and analysts alike are closely monitoring these outcomes to assess their impact on the company’s future trajectory.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.