Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 80

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 1A
Chunk 80
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 making the determination of unsuitability or to the extent determined to be necessary or advisable by our Board of Directors, at a redemption price equal to the lesser of (i) the market price on the date of the redemption notice, (ii) the market price on the redemption date, or (iii) the actual amount paid for the shares by the owner thereof, in each case less a discount in a percentage (up to 100%) to be determined by our Board of Directors in its sole and absolute discretion.

Risks Related to Our Capital Structure

We have a material amount of indebtedness which could have a significant effect on our business.

As of December 31, 2024, we had approximately $7.7 billion in long-term indebtedness, net of unamortized debt issuance costs, bond premiums and original issuance discounts, consisting of: 

•$6,875.0 million of outstanding senior unsecured notes; 

•$600.0 million of term loans, 

•$332.5 million of borrowings under our revolving credit facility, and 

•approximately $0.3 million of finance lease liabilities related to certain assets. 

Our indebtedness may have adverse effects on our business, including the following:

•it may limit our ability to obtain additional debt or equity financing for working capital, capital expenditures, acquisitions, debt service requirements and general corporate or other purposes; 

•a material portion of our cash flows will be dedicated to the payment of principal and interest on our indebtedness, including indebtedness we may incur in the future, and will not be available for other purposes, including to make acquisitions;

•it could limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate and place us at a competitive disadvantage compared to our competitors that have less debt or are less leveraged; 

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•it could make us more vulnerable to downturns in general economic or industry conditions or in our business, or prevent us from carrying out activities that are important to our growth; 

•it could increase our interest expense if interest rates in general increase because our indebtedness under the Amended Credit Facility bears interest at floating rates; 

•it could limit our ability to take advantage of strategic business opportunities; 

•it could make it more difficult for us to satisfy our obligations with respect to our indebtedness.  Any failure to comply with the obligations of any of our debt instruments could result in an event of default which, if not cured or waived