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Gaming and Leisure expects to net $718M in upsized stock offering

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Capital Markets View – January 2021


Gaming and Leisure expects to net $718M in upsized stock offering

Gaming and LeisureProperties Inc. priced its underwritten offering of 25 million commonshares at a price to the public of $30.00 apiece.

The size of the offeringwas increased from 19 million shares. The underwriters were also granted a 30-dayoption to buy up to 3,750,000 additional shares, according to a March 31 release.

The company said the offering is projected to yield net proceedsof about $718 million, or $826 million if the underwriters' additional-share optionis fully exercised.

The net proceeds will be used as partial funding for the company'spurchase of the bulk ofPinnacle Entertainment Inc.'s real estate assets, including the repayment, redemptionand/or discharge of a portion of certain debt related to Pinnacle and the paymentof transaction-related fees and expenses. Pending such uses, Gaming and Leisuremay use the net proceeds to trim borrowings under its revolving credit facility.They may also be invested in interest-bearing accounts and short-term, interest-bearingsecurities.

The gaming company expects to wrap up the offering April 6, pendingnormal closing conditions.

BofA Merrill Lynch, J.P. Morgan, Wells Fargo Securities, FifthThird Securities, UBS Investment Bank, Credit Agricole CIB, Nomura, SunTrust RobinsonHumphrey, Barclays and Oppenheimer & Co. are acting as the offering's jointbook-running managers.