Benzinga | Dec 7, 2021 04:50AM EST

Gaming and Leisure Properties Priced 7.7M Share Public Offering of Common Stock for Total Gross Proceeds of ~$344.6M; ~$44.75/Share

Gaming and Leisure Properties, Inc.(the "Company" or "GLPI") (NASDAQ:GLPI) today announced that its previously announced underwritten public offering to sell 7,700,000 shares of common stock has been priced for total gross proceeds (before underwriter's discounts and commissions and offering expenses) of approximately $344.6 million. The underwriters will sell the shares to purchasers directly or through agents, through brokers in brokerage transactions on Nasdaq, to dealers in negotiated transactions or in a combination of such methods of sale, at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,155,000 shares of common stock. The offering is expected to close onDecember 9, 2021, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering to partially finance the acquisition of the real property assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, including applicable long-term ground leases, from affiliates of The Cordish Companies (the "Cordish Acquisitions"). Pending the closing of the Cordish Acquisitions, the Company intends to use the net proceeds from the offering to repay borrowings under the senior credit facility of its operating partnership or invest in interest-bearing accounts and short-term, interest-bearing securities. The offering is not conditioned upon the successful completion of the Cordish Acquisitions and there is no assurance that the Cordish Acquisitions will be consummated on the anticipated schedule or at all. In the event the Cordish Acquisitions are not consummated, the Company intends to use the net proceeds from the offering for working capital and general corporate purposes, which may include the acquisition, development and improvement of properties, the repayment of indebtedness, capital expenditures and other general business purposes.

BofA Securities,Wells Fargo Securities, Citigroupand Mizuho Securities are serving as underwriters for the offering.