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

From the Filing

0001193125-24-198412.txt : 20240812 0001193125-24-198412.hdr.sgml : 20240812 20240812083031 ACCESSION NUMBER: 0001193125-24-198412 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240806 ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240812 DATE AS OF CHANGE: 20240812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Gaming & Leisure Properties, Inc. CENTRAL INDEX KEY: 0001575965 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 462116489 STATE OF INCORPORATION: PA FISCAL YEAR END: 1207 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36124 FILM NUMBER: 241194985 BUSINESS ADDRESS: STREET 1: 845 BERKSHIRE BLVD, SUITE 200 CITY: WYOMISSING STATE: PA ZIP: 19610 BUSINESS PHONE: 610-401-2900 MAIL ADDRESS: STREET 1: 845 BERKSHIRE BLVD, SUITE 200 CITY: WYOMISSING STATE: PA ZIP: 19610 8-K 1 d862698d8k.htm 8-K 8-K 0001575965 false 0001575965 2024-08-06 2024-08-06     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549     FORM 8-K     CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 6, 2024     GAMING AND LEISURE PROPERTIES, INC. (Exact name of registrant as specified in its charter)       Pennsylvania   001-36124   46-2116489 (State or Other Jurisdiction of Incorporation or Organization)   (Commission file number)   (IRS Employer Identification Number) 845 Berkshire Blvd., Suite 200 Wyomissing , PA 19610 (Address of principal executive offices) 610 - 401-2900 (Registrant’s telephone number, including area code)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, par value $.01 per share   GLPI   Nasdaq Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant Closing of Notes Offering On August 6, 2024, Gaming and Leisure Properties, Inc. (“GLPI”) closed the previously announced offering (the “Offering”) of $1,200,000,000 aggregate principal amount of Notes (as defined below), co-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 (“GLP Financing”, and together with the Operating Partnership, t