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Gaming and Leisure Properties Announces a Tender Offer for Up to $500,000,000 Outstanding 4.875% Senior Notes Due 2020

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Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI”), the first gaming-focused real estate investment trust in North America, announced today that its operating partnership, GLP Capital, L.P. (the “Operating Partnership”), and GLP Financing II, Inc., a wholly owned subsidiary of the Operating Partnership (together with the Operating Partnership, the “Issuers” and the Issuers collectively with GLPI, the “Company”), have commenced a cash tender offer (the “Offer”) to purchase up to $500,000,000 of the Issuers’ outstanding $1,000,000,000 aggregate principal amount of 4.875% Senior Notes due 2020 (CUSIP No. 361841 AD1) (the “Notes”), which Notes are fully and unconditionally guaranteed by GLPI.

The following table sets forth some of the terms of the Offer:

Title of
Security
CUSIP
Number
Principal
Amount
Outstanding
Tender Cap
(Principal
Amount)
Reference
U.S.
Treasury
Security
Bloomberg
Reference
Page(1)
Fixed
Spread
(basis
points)
Early
Tender
Premium
(per
$1,000)
4.875%
Senior Notes
due 2020
361841 AD1 $1,000,000,000 $500,000,000 1.625%
UST due
7/31/2020
FIT3 50 bps $30.00


(1) The applicable page on Bloomberg from which the Dealer Manager will quote the bid-side price of the reference U.S. Treasury Security. In the above table, “UST” denotes a U.S. Treasury Security.

The Offer is being made upon, and is subject to, the terms and conditions set forth in the Offer to Purchase, dated August 15, 2019 (the “Offer to Purchase”), and the related Letter of Transmittal. The Offer will expire at 11:59 p.m., New York City time, on September 12, 2019, unless extended or earlier terminated by the Company (the “Expiration Date”). Tenders of Notes may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on August 28, 2019 (the “Early Tender Deadline”), but may not be withdrawn thereafter except in certain limited circumstances where additional withdrawal rights are required by law.

The total consideration (the “Total Consideration”) paid in the Offer for Notes that are validly tendered and not withdrawn at or prior to the Early Tender Deadline and accepted for purchase will be determined in the manner described in the Offer to Purchase by reference to a fixed spread over the yield to maturity of the Reference U.S. Treasury Security specified in the table above and in the Offer to Purchase and will include an early tender premium of $30.00 per $1,000 principal amount of the Notes accepted for purchase (the “Early Tender Premium”). Holders of Notes who validly tender their Notes following the Early Tender Deadline and on or prior to the Expiration Date will only receive the applicable “Tender Offer Consideration” per $1,000 principal amount of any such Notes tendered by such holders that are accepted for purchase, which is equal to the Total Consideration minus the Early Tender Premium. The Total Consideration will be determined at 10:00 a.m., New York City time, on August 29, 2019 unless extended by the Company (the “Tender Offer Price Determination Date”).

Tenders of Notes will be accepted only in principal amounts equal to $2,000 or integral multiples of $1,000 in excess thereof. Holders who tender less than all of their Notes must continue to hold Notes of such series in the minimum authorized denomination of $2,000 principal amount or an integral multiple of $1,000 in excess thereof.

Payments for Notes purchased will include accrued and unpaid interest from and including the most recent interest payment date for the Notes up to, but not including, the applicable settlement date. The settlement date for Notes that are validly tendered on or prior to the Early Tender Deadline (the “Early Settlement Date”) is expected to be August 30, 2019, subject to all conditions to the Offer having been either satisfied or waived by the Issuers. The settlement date for the Notes that are tendered following the Early Tender Deadline but on or prior to the Expiration Date is expected to be September 16, 2019 (the “Final Settlement Date”), subject to all conditions to the Offer having been either satisfied or waived by the Issuers, assuming Notes having an aggregate principal amount equal to the Tender Cap are not purchased on the Early Settlement Date.

Subject to the Tender Cap, all Notes validly tendered and not validly withdrawn on or before the Early Tender Deadline will be accepted before any Notes validly tendered after the Early Tender Deadline. Even if the Offer is not fully subscribed as of the Early Tender Deadline, subject to the Tender Cap, Notes validly tendered and not validly withdrawn on or before the Early Tender Deadline will be accepted for purchase in priority to Notes tendered after the Early Tender Deadline.

Notes may be subject to proration if the aggregate principal amount validly tendered and not validly withdrawn would cause the Tender Cap to be exceeded. Furthermore, if the Offer is fully subscribed as of the Early Tender Deadline, holders who validly tender Notes following the Early Tender Deadline will not have any of their Notes accepted for payment.

The Company’s obligation to consummate the Offer is subject to the satisfaction or waiver of certain conditions, which are more fully described in the Offer to Purchase, including, among others, the Issuers’ receipt of aggregate proceeds (before underwriter’s discounts and commissions and other offering expenses) of at least $500 million from an offering of new senior notes, on terms satisfactory to the Issuers. There can be no assurance such conditions will be satisfied.

Wells Fargo Securities, LLC is acting as dealer manager and solicitation agent for the tender offer and the consent solicitation. The tender agent and information agent for the tender offer is D.F. King & Co., Inc. Questions regarding the tender offer and consent solicitation may be directed to Wells Fargo Securities, LLC at (704) 410-4759 (collect) or (866) 309-6316 (U.S. toll-free). Holders who would like additional copies of the offer documents may call the information agent, D.F. King & Co., Inc. at (212) 269-5550 (collect, for banks or brokers) or (800) 283-3192 (toll-free, for all others) or by e-mail at glpi@dfking.com.

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The tender offer is being made solely by means of the Offer to Purchase and the related Letter of Transmittal that the Company is distributing to holders of Notes.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Gaming and Leisure Properties Announces a Tender Offer for Up to 0,000,000 Outstanding 4.875% Senior Notes Due 2020

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Troll Hunters 2 Launches on Kindred Platforms

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Kindred Group has partnered with Play’n GO in an exclusive release of Troll Hunters 2, the sequel to the record-breaking first chapter of the Troll Hunters saga.

“Kindred has recently invested heavily in the quality of their exclusive games. We believe that product quality is ultimately what customers will recognize and value. This is what will set us apart from the competition and lead the way forward in casino,” Ale Rallo, Games Development Manager of Kindred Group said.

“Creating exclusive and localised content isn’t easy. But, with our gaming expertise and Kindred’s knowledge of their market and its players, together we created a title that we knew people would love, and we can already see it succeeding. It’s also a learning experience that will, ultimately, lead to more collaboration and even better ideas and concepts in the future,” Johan Törnqvist, CEO of Play’n GO said.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Troll Hunters 2 Launches on Kindred Platforms

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Nepal Government Introduces New Casino Rules

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Nepal Government Introduces New Casino RulesReading Time: 1 minute

 

The Government of Nepal has introduced a set of new rules relating to sharing of information about gamblers, management of assets and monitoring for suspicious activities.

As per the new rules, operators of brick-and-mortar casinos are required to maintain a record of visitors and players at the properties. Gambling venues should also deny access to those who are believed to be involved in suspicious activities.

The new rules mandate that the casinos must inform the government and the Nepal Rastra Bank about wins or losses of more than NPR1 million within a 15-day period. If the gambling venues suspect that a patron uses suspicious money, it has to compile a report and notify the NRB’s Financial Information Unit within a three-day period.

Under the recently adopted rules, operators of gambling venues must submit reports to the Department of Tourism in every four months. The reports must contain information proving that the casinos are not used for money laundering. Properties failing to submit the required reports could face fines of up to NPR50 million.

The newly imposed rules also contain provisions relating to sharing information about customers, casino operators and staff members. If casinos change staff, they must inform the authorities about the changes within a 15-day period.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Nepal Government Introduces New Casino Rules

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Zynga Poker Partners with Brad Garrett for “Celebrity Home Game”

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Mobile poker game Zynga Poker has partnered with Emmy Award winner Brad Garrett for a special “Celebrity Home Game” sweepstakes event.

By completing challenges daily in the Zynga Poker, two lucky players will win seats at a celebrity card game in Southern California, hosted by Garrett himself. Zynga will donate up to $100,000 to the Maximum Hope Foundation, a non-profit organisation founded by Garrett that provides financial stability for parents of children diagnosed with life-limiting conditions.

“What I love about Zynga Poker is that you can practice your game without having to worry about your ‘tells’ or poker table etiquette – it’s just about the cards. I can make a sincere pledge to the winners of this sweepstakes – when you’re at my Home Game, we’ll be playing by these same rules. Check your poker face at the door, and get ready to have some fun,” Brad Garrett said.

“Poker isn’t a game of chance – it’s all about showmanship and skill, and that’s something Brad Garrett has in spades – no matter what he says. We’re proud to bring our players an opportunity to participate in a once-in-a-lifetime poker night, hosted by a legend in comedy and a hero to families in need. Now our players have the opportunity to show off their skills and prove that lady luck plays favorites,” Bernard Kim, Zynga’s President of Publishing said.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Zynga Poker Partners with Brad Garrett for “Celebrity Home Game”

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