Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 20

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 20
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 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 service our indebtedness, we will require a significant amount of cash, which depends on many factors beyond our control.

We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under the Revolving
Credit Facility and the Term Loan Credit Facility in amounts sufficient to enable us to fund our liquidity needs, including with respect to the notes and our other indebtedness. In addition, if we consummate significant acquisitions in the future,
our cash requirements may increase significantly. As we are required to, or expected to be required to, satisfy amortization requirements as other debt matures, we may also need to raise funds to refinance all or a portion of our debt. We cannot
assure you that we will be able to refinance any of our debt, including the Revolving Credit Facility, the Term Loan Credit Facility and our existing senior unsecured notes, on attractive terms, on commercially reasonable terms or at all. Our future
operating performance and our ability to service or refinance the notes and to service, extend or refinance our other debt, including the Revolving