Company: GLPI
Filing Date: 2025-08-27
Form Type: 8-K
Source: 0001193125-25-189701
Chunk: 2

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-27
Form: 8-K
Item: Item 2.03
Chunk 2
---
 subsidiaries, except in the event that the Operating Partnership in the future issues certain subsidiary-guaranteed debt securities, and, therefore, unless and until such time, the Notes are structurally subordinated to all liabilities of any of the Operating Partnership’s subsidiaries (excluding GLP Financing).

The Indenture contains covenants limiting the Issuers’ ability to: incur additional debt and use their assets to secure debt; and merge or consolidate with another company. The Indenture also requires the Issuers to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. Events of default under the Indenture include, among others, the following: default for 30 days in the payment when due of interest on the Notes; default in payment when due of the principal of, or premium, if any, on the Notes; failure to comply with certain covenants in the Indenture for 60 days after the receipt of notice from the Trustee or holders of 25% in aggregate principal amount of the Notes; and acceleration or payment default of debt of the Issuers in excess of a specified amount; certain events of bankruptcy or insolvency. In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to the Issuers, all Notes then outstanding will become due and payable immediately without further action or notice. If any other event of default occurs with respect to the Notes, the Trustee or holders of 25% in aggregate principal amount of the Notes may declare all the Notes to be due and payable immediately.

The Notes were offered to the public at an initial offering price of, in the case of the 2033 Notes, 99.642% of par value, and in the case of the 2037 Notes, 99.187% of par value. The net proceeds from the Offering, after deducting underwriting discounts and commissions and estimated expenses, were approximately $1.28 billion. The Issuers intend to use the net proceeds from the Offering to fund the redemption in full of their $975.0 million 5.375% senior unsecured notes due April 15, 2026 at a redemption price equal to par, plus accrued and unpaid interest to, but not including, the date of redemption, plus a make-whole premium, and any related fees and expenses. The Issuers intend to use the remaining proceeds for working capital and general corporate purposes, which