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Gaming and Leisure Properties launches $1.38B notes offering

Gaming andLeisure Properties Inc. said April 11 that its operatingpartnership, GLP Capital LP, and its unit commenced a public offering of $1.38billion aggregate principal amount of senior notes.

The notes will be offered in two tranches, with the firstdue 2022 and the second due 2026.

The notes will be senior unsecured obligations of GLPCapital and its unit, GLP Financing II Inc., and will be guaranteed by thecompany.

Gaming and Leisure Properties plans to use the net proceedsto partially finance 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. will act asjoint book-running managers for the offering.

Gaming and Leisure recently closed a public offeringof common stock, netting$826 million.