Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 168

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 168
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 we spent approximately $57.5 million and $15.9 million, respectively, for capital expenditures.  The majority of the capital expenditures in 2025 were related to a land side and hotel development project at The Belle and the Bally's Chicago development project.  

Debt

The Company has access to a $2.09 billion variable rate revolving credit facility under its Amended Credit Agreement of which $332.5 million is outstanding as of September 30, 2025.  Additionally, the Company was contingently obligated under 

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letters of credit issued pursuant to the Amended Credit Agreement with face amounts aggregating approximately $0.4 million, resulting in $1,757.2 million of available borrowing capacity under the Amended Credit Agreement as of September 30, 2025.

The Company has $7.20 billion of debt outstanding with a weighted average maturity and interest rate of 7.2 years and 5.08%, respectively as of September 30, 2025.  The majority of the Company's debt obligations have fixed interest rates from the issuance of its senior unsecured notes.  In the first quarter of 2025, the Company redeemed its $850 million 5.250% note that was due in June 2025 using cash on hand.  In August 2025, the Company issued the February 2033 Notes and the November 2037 Notes. The Company utilized the net proceeds for the redemption of the April 2026 Notes plus the make whole premium payment.  The Company plans to use the remaining proceeds for working capital and general corporate purposes which may include funding development and expansion projects at existing and new properties, repayment of indebtedness, capital expenditures and other general business purposes.  See Note 7 for the future minimum repayments of the Company's debt obligations.  

GLPI owns 97.1% of the assets of GLP Capital and conducts all of its operations through the operating partnership.  Based on the amendments to Rule 3-10 of Regulation S-X that the SEC released on January 4, 2021, we note that since GLPI fully and unconditionally guarantees the debt securities of the Issuers and consolidates both Issuers, we are not required to provide separate financial statements for the Issuers and GLPI since they are consolidated into GLPI and the GLPI guarantee is "full and unconditional".

Furthermore, as permitted under Rule 13-01(a)(4)(vi), we excluded the summarized financial information for the