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Gaming and Leisure Properties (GLPI) has priced a $1.3 billion senior notes offering in two tranches due in 2033 and 2037. The proceeds will be used to redeem existing debt, fund working capital and general corporate purposes, and may include development and expansion projects. The offering is expected to close on August 27, 2025, subject to closing conditions.

Gaming and Leisure Properties, Inc. (GLPI) has priced a $1.3 billion public offering of senior notes, scheduled to close on August 27, 2025. The offering comprises two tranches: senior notes due in 2033 and 2037. The 2033 notes, priced at 99.642% of par with a 5.250% coupon, will mature on February 15, 2033, while the 2037 notes, priced at 99.187% of par with a 5.750% coupon, will mature on November 1, 2037 [1].

Proceeds from the offering will be used to redeem $975 million in senior unsecured notes due April 2026 at par, plus accrued interest and a make-whole premium, along with related fees and expenses. The remaining funds will be allocated to working capital and general corporate purposes, including property development, expansion, debt repayment, and capital expenditures [1].

The offering is expected to enhance GLPI's financial structure by reducing interest expenses and providing flexibility for future growth and expansion. The involvement of multiple leading financial institutions as joint book-running managers underscores GLPI's credibility and market position [2].

References:
[1] https://www.nasdaq.com/articles/gaming-and-leisure-properties-prices-13-bln-notes-offering-two-tranches
[2] https://www.quiverquant.com/news/Gaming+and+Leisure+Properties%2C+Inc.+Announces+Pricing+of+%241.3+Billion+Public+Offering+of+Senior+Notes