Gaming andLeisure Properties Inc. completed its acquisition of most of thereal estate of PinnacleEntertainment Inc., and Pinnacle's operating company was into a new, stand-alonecompany.

Under the transaction, Pinnacle shareholders received 0.85 shareof Gaming and Leisure common stock and 1 share of the new operating company forevery Pinnacle share they owned.

Shares of the new company, which will also be called PinnacleEntertainment Inc. and trade under the PNK ticker symbol, will begin regular-waytrading April 29. Besides the operating business, the new Pinnacle will alsoretain the Belterra Park Gaming and Entertainment Center and certainundeveloped land.

In connection with the transaction, Gaming and Leisureissued $400 million principal amount of new 4.375% senior notes due 2021 and$975 millionprincipal amount of new 5.375% senior notes due 2026. The gaming REIT alsoclosed its new $825 million senior unsecured term loan A.

The company used the proceeds of the financings to fund thetransaction and to pay related fees and expenses.

The new Pinnacle, meanwhile, issued principal amount of new5.625% senior notes due 2024 and closed new senior secured credit facilitiescomprising a $400 million revolving credit facility, a term loan A facility and a$300 million term loanB facility.

The new Pinnacle used the proceeds, together with theproceeds of Gaming and Leisure's debt financing, to repay the former Pinnacle'soutstanding debt obligations, to pay related fees and expenses and for workingcapital.