Business
Gaming and Leisure Properties, Inc. Announces Public Offering of 6,900,000 Shares of Common Stock
WYOMISSING, Pa., June 28, 2022 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (the “Company” or “GLPI”) (NASDAQ: GLPI) today announced that it has
About this update from Gaming And Leisure Properties, Inc.
[{"type":"text","content":"WYOMISSING, Pa., June 28, 2022 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (the “Company” or “GLPI”) (NASDAQ: GLPI) today announced that it has commenced an underwritten public offering to sell 6,900,000 shares of common stock. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 1,035,000 shares of common stock. The Company intends to use the net proceeds from the offering to partially finance the previously-announced acquisition of the real property assets of Bally’s Twin River Lincoln Casino Resort (“Lincoln”) and Bally’s Tiverton Casino & Hotel (“Tiverton”) from affiliates of Bally’s Corporation (the “Bally’s Acquisitions”). If all third-party consents and approvals for the acquisition of Lincoln are not timely received, then GLPI will instead acquire the real property assets of the Hard Rock Hotel & Casino Biloxi in Mississippi along with Tiverton. In that event, GLPI will also have the option, subject to receipt of required consents, to acquire the real property assets of Lincoln prior to December 31, 2024. Pending the closing of the Bally’s Acquisitions, the Company intends to use the net proceeds from the offering to repay borrowings under the senior credit facility of its operating partnership or invest in interest-bearing accounts and short-term, interest-bearing securities. The offering is not conditioned upon the successful completion of the Bally’s Acquisitions and there is no assurance that the Bally’s Acquisitions will be consummated on the anticipated schedule or at all. In the event the Bally’s Acquisitions are not consummated, the Company intends to use the net proceeds from the offering for working capital and general corporate purposes, which may include the acquisition, development and improvement of properties, the repayment of indebtedness, capital expenditures and other general business purposes. Wells Fargo Securities, J.P. Morgan, RBC Capital Markets and Goldman Sachs & Co. LLC are serving as underwriters for the offering. The offering will be made under the Company’s effective shelf registration statement previously filed with the Securities and Exchange Commission (the “SEC”). When available, a copy of the preliminary prospectus supplement, final prospectus supplement and prospectus relating to the offering may be obtained from Wells Fargo Securitie...