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Gaming and Leisure Properties units launch cash tender offer

Casino real estate investment trust Gaming & Leisure Properties Inc. said GLP Capital LP and GLP Financing II Inc. started a cash tender offer to buy up to $500.0 million of their outstanding $1.00 billion of 4.875% senior notes due 2020.

The REIT said tenders of notes will be accepted only in principal amounts equal to $2,000, or integral multiples of $1,000 in excess thereof.

The offer will expire at 11:59 p.m. ET on Sept. 12, unless extended or earlier terminated by the company.

The settlement date for the notes that are tendered after the early tender deadline of Aug. 28 but on or prior to the expiration date is expected to be Sept. 16.

Wells Fargo Securities LLC is the dealer manager and solicitation agent for the tender offer and the consent solicitation.