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Gaming and Leisure Properties prices $1.38B notes offering

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Gaming and Leisure Properties prices $1.38B notes offering

Gaming andLeisure Properties Inc. on April 11 priced its of about $1.38 billionworth of two-tranche senior notes.

The company priced the $400.0 million senior notes due 2021with a 4.375% coupon rate, while the $975.0 million senior notes due 2026 carrya 5.375% coupon.

As previously reported, the notes will be senior unsecuredobligations of GLP Capital LP and unit GLP Financing II Inc.

The company intends to use the net proceeds to partiallyfinance its acquisitionof substantially all of the real estate assets of , includingthe repayment, redemption and/or discharge of a portion of certain debt ofPinnacle to be assumed by the company in relation to the acquisition and thepayment of transaction-related fees and expenses.

J.P. Morgan, BofA Merrill Lynch, Wells Fargo Securities,Fifth Third Securities, UBS Investment Bank, Credit Agricole CIB, Nomura,SunTrust Robinson Humphrey, Barclays and Oppenheimer & Co. are serving asjoint book-running managers for the offering, which is expected to close April28.