Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 117

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 117
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 thousands): 2025 (remainder of year)$102 2026975,140 2027600,000 2028832,455 2029750,000 Over 5 years3,800,000 Total minimum payments$6,957,697  Senior Unsecured Amended Credit Agreement The Company has a Senior Unsecured Amended Credit Agreement (the "Amended Credit Agreement") providing for a revolving commitment capacity of $2.09 billion with a maturity date of December 2, 2028 (the "Revolver").  GLP Capital is the primary obligor under the Senior Unsecured Credit Agreement, which is guaranteed by GLPI. At June 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 June 30, 2025.  The weighted average interest rate under the Revolver and term loan credit facility at June 30, 2025 was 5.62%.

22

Term Loan Credit Facility

On 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 Notes

At June 30, 2025, the Company had $6,025.0 million of outstanding senior unsecured notes (the "Senior Notes").   During the six months ended June 30, 2025, the Company redeemed its $850 million, 5.250% senior unsecured notes due June 2025.  The notes were redeemed with cash on hand.    

At June 30, 2025, the Company was in compliance with all required financial covenants on its debt obligations.

8.    Fair Value of Financial Assets and Liabilities

Fair value is defined as the price that would be received to sell