Gaming and Leisure Properties announces pricing of public offering stock
Successful offering could lead to a casino buying spree.
Gaming and Leisure Properties, Inc (GLPI), the Pennsylvania-based real estate company that deals in casino properties, has announced that its previously announced underwritten public offering has been priced: its 7,700,000 shares of common stock have been priced at $344.6m.
The sale will occur through a number of avenues: from underwriters to purchasers directly, through agents, through brokers dealing on the Nasdaq, or to dealers in negotiated transactions that can occur in a variety of manners, such as through combination of sale methods, at a fixed price, or according to the prevailing market price.
The offering is expected to close on December 9, 2021, and there will be the chance for underwriters, within 30 days of the initial offering, to purchase up to an additional 1,155,000 shares of common stock.
The underwriters for the offering are Bank of America Securities, Wells Fargo Securities, Citigroup and Mizuho Securities.
GLPI has big plans for the net proceeds from the offering. They hope to partially finance their acquisition of the property assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino & Hotel Pittsburgh (including the attending long-term ground leases) from affiliates of the Cordish Acquisitions.
In the event that this acquisition plan does not go through, GLPI intends to use the proceed from the offering as capital for continuing the smooth operation of the business. Such purposes were enumerated in the press release: the acquisition and development of other properties, property improvement, paying back company debt, capital expenditures, and other such business uses.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
