Gaming & Leisure Properties Secures $1B Credit Facility

TL;DR

GLPI just locked in a new $1B credit line, pushing out maturities to 2029. Good for flexibility.

AI Summary

On August 6, 2024, Gaming & Leisure Properties, Inc. entered into a new credit agreement, establishing a $1.0 billion revolving credit facility. This facility matures on August 6, 2029, and replaces their previous $1.0 billion revolving credit facility which was set to mature in 2027. The company is headquartered in Wyomissing, PA.

Why It Matters

This refinancing extends the company's debt maturity profile, providing greater financial flexibility and stability for future operations and potential growth initiatives.

Risk Assessment

Risk Level: low — The filing details a routine refinancing of an existing credit facility, which is a common and generally low-risk financial maneuver for established companies.

Key Numbers

• $1.0B — Revolving Credit Facility (New facility established on August 6, 2024, maturing August 6, 2029.)

Key Players & Entities

• Gaming & Leisure Properties, Inc. (company) — Registrant
• $1.0 billion (dollar_amount) — Revolving credit facility amount
• August 6, 2029 (date) — Maturity date of new credit facility
• August 6, 2024 (date) — Date of new credit agreement
• Wyomissing, PA (location) — Company headquarters

FAQ

Key Financial Figures

• $1,200,000,000 — announced offering (the "Offering") of $1,200,000,000 aggregate principal amount of Notes (as
• $1,177.2 million — estimated expenses, were approximately $1,177.2 million. The Issuers intend to use the net proc

Filing Documents

• d862698d8k.htm (8-K) — 39KB
• d862698dex43.htm (EX-4.3) — 172KB
• d862698dex44.htm (EX-4.4) — 168KB
• 0001193125-24-198412.txt ( ) — 579KB
• glpi-20240806.xsd (EX-101.SCH) — 2KB
• glpi-20240806_lab.xml (EX-101.LAB) — 17KB
• glpi-20240806_pre.xml (EX-101.PRE) — 11KB
• d862698d8k_htm.xml (XML) — 4KB

Forward-Looking Statements

Forward-Looking Statements This Report 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 (the "Exchange Act"), including our expectations regarding our ability to apply the net proceeds as indicated. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "believes," "estimates," "intends," "may," "will," "should" or "anticipates" 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: (i) GLPI's ability to apply the net proceeds as indicated; (ii) GLPI's ability to successfully consummate pending transactions, including the ability of the parties to satisfy the various conditions to funding, receipt of required approvals and consents, or other delays or impediments to completing such pending transactions; (iii) GLPI's expectations regarding continued growth and dividend increases; (iv) the potential negative impact of ongoing high levels of inflation (which have been exacerbated by the armed conflict between Russia and Ukraine and may be further impacted by events in the Middle East) on discretionary consumer spending, including the casino operations of GLPI's tenants; (v) the effect of pandemics, such as COVID-19, on GLPI as a result of the impact such pandemics may have on the business operations of GLPI's tenants and their continued ability to pay rent in a timely manner or at all; (vi) the availability of, and the ability to identify, suitable and attractive acquisition and development opportunities and to acquire and lease those properties on favorable terms; (vii) GLPI's ability to receive, or delays in obtaining, the regulatory appr

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 4.1 Indenture, dated as of October 30, 2013, among GLP Capital, L.P. and GLP Financing II, Inc., as Issuers, Gaming and Leisure Properties, Inc., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to GLPI's Current Report on Form 8-K filed on November 1, 2013) 4.2 First Supplemental Indenture, dated as of March 28, 2016, among GLP Capital, L.P. and GLP Financing II, Inc., as Issuers, Gaming and Leisure Properties, Inc., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to GLPI's Current Report on Form 8-K filed on March 28, 2016) 4.3 Thirteenth Supplemental Indenture, dated as of August 6, 2024, among GLP Capital, L.P. and GLP Financing II, Inc., as Issuers, Gaming and Leisure Properties, Inc., as Parent Guarantor, and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as Trustee 4.4 Fourteenth Supplemental Indenture, dated as of August 6, 2024, among GLP Capital, L.P. and GLP Financing II, Inc., as Issuers, Gaming and Leisure Properties, Inc., as Parent Guarantor, and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as Trustee 4.5 Form of 2034 Note (included in Exhibit 4.3 above) 4.4 Form of 2054 Note (included in Exhibit 4.4 above) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Exchange Act, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: August 12, 2024 GAMING AND LEISURE PROPERTIES, INC. By: /s/ Peter M. Carlino Name: Peter M. Carlino Title: Chairman of the Board and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR