Glpi Credit Agreement

In addition, Pinnacle completed the previously announced $375 million issue, the principal amount of 5.625 per cent of senior notes, which mature in 2024. Pinnacle also completed its new senior risk credit facilities, which consist of a $400 million revolving credit facility, a $185 million loan and a $300 million credit facility. Proceeds from the initial financing under the new credit facilities and obligations were used, along with the proceeds of GLPI`s loan financing, to repay Former Pinnacle`s outstanding obligations at the time of the merger, to pay for related expenses and expenses, and to cover working capital. The proposed transactions will be subject to the negotiation of final agreements in the coming weeks and the necessary approvals. The parties expect to complete the transaction by April 30. Joseph Jaffoni, Richard Land, James Leahy at JCIR212/835-8500glpi@jcir.com Penn National also said it was ready to prematurely renew its two master-leasing contracts with GLPI, extending their current maturities by five years and allowing GLPI shareholders to improve the visibility of future cash flows. In addition, Penn National has granted GLPI downward protection for future competitive effects that new Penn National Class 4 developments in Pennsylvania could have on GLPI facilities subject to Penn National`s lease-master. Penn National will also make cash rent for its obligations to GLPI, including cash rent in April, September, November and December. Under the agreement, GLPI Penn National granted an option to acquire the operations of Hollywood Casino Perryville, one of its taxable subsidiaries REIT (TRS), subject to the execution of a lease agreement with Penn National. On March 29, 2016, Pinnacle entered into a definitive agreement with a subsidiary of Gaming and Leisure Properties, Inc. to acquire the operation of Meadows Racetrack and Casino for a total of $138.0 million. The transaction is subject to approvals from the Pennsylvania Gaming Control Board and the Pennsylvania Harness Racing Commission, at the expiry or end of the current hart-Scott-Rodino waiting time and other customary completion conditions.