Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 46

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 2028 (the "Revolver").  GLP Capital is the primary obligor under the Senior Unsecured Credit Agreement, which is guaranteed by GLPI. At September 30, 2025, $332.5 million was outstanding under the Company's Revolver. After giving effect to contingent obligations under letters of credit with face amounts aggregating approximately $0.4 million, the Company had $1,757.2 million of available borrowing capacity under the Revolver as of September 30, 2025.  The weighted average interest rate under the Revolver and term loan credit facility at September 30, 2025 was 5.46%.

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Term Loan Credit FacilityOn September 2, 2022, GLP Capital entered into a term loan credit agreement with Wells Fargo Bank, National Association, as administrative agent and the other agents and lenders party thereto from time to time, providing for a $600 million delayed draw credit facility with a maturity date of September 2, 2027 (the "Term Loan Credit Facility").  The Term Loan Credit Facility is guaranteed by GLPI.  The Company drew down the entire $600 million Term Loan Credit Facility in connection with the acquisition of the real property assets of Bally's Biloxi and Bally's Tiverton.  Senior Unsecured NotesAt September 30, 2025, the Company had $6,350.0 million of outstanding senior unsecured notes (the "Senior Notes").   During the nine months ended September 30, 2025, the Company redeemed its $850 million, 5.250% senior unsecured notes due June 2025, and its $975 million,5.375% senior unsecured notes due April 2026. The notes were redeemed with cash on hand.    In August 2025, the Company issued $600 million aggregate principal amount of 5.25% senior unsecured notes due February 15, 2033, at a price of 99.642% of the principal amount (the "February 2033 Notes"), and $700 million aggregate principal amount of 5.75% senior unsecured notes due November 1, 2037, at a price of 99.187% of the principal amount (the "November 2037 Notes"). In connection with the issuances, the Company terminated certain forward starting interest rate swap agreements and will recognize a benefit of approximately $1 million, amortized over ten years