Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 17

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 17
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 raise additional
capital, including by issuing equity securities or securities convertible into equity securities. Our ability to restructure or refinance our indebtedness will depend on the capital markets and our financial condition at such time. Any refinancing
of our indebtedness could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. Our inability to generate sufficient cash flow to satisfy our debt service
requirements or to refinance our obligations on commercially reasonable terms may have an adverse effect, which could be material, on our business, financial position and results of operations. To the extent that we will incur additional
indebtedness or such other obligations, the risks associated with our leverage, including our possible inability to service our debt, would increase.

Our indebtedness imposes restrictive covenants on us that could limit our operations and lead to events of default if we do not comply.

The Revolving Credit Agreement and the Term Loan Credit Agreement require us, among other obligations, to maintain specified financial ratios and to satisfy
certain financial tests, including a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage
ratio. In addition, the Revolving Credit Agreement and the Term Loan Credit Agreement restrict, among other things, our ability to grant liens on our assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or
consolidations and pay dividends and other restricted payments.

Further, the indenture governing our existing senior unsecured notes and the notes
restricts, among other things, the Issuers’ and their subsidiaries’ ability to incur additional indebtedness and use their respective assets to secure indebtedness, and our ability to consummate a merger, consolidation or transfer of all
or substantially all of our and our subsidiaries’ assets, taken as a whole. In addition, the indenture governing certain series of our existing senior unsecured notes restricts our ability to amend or terminate the PENN Master Lease (as defined
under “Description of Notes-Certain Definitions”). A failure to comply with the restrictions contained in the Revolving Credit Agreement, the Term Loan Credit Agreement, and the indenture governing our existing senior unsecured notes and
the notes could lead to an event of default thereunder, which could result in an acceleration of such indebtedness and an event of default under our other debt.

To