Gaming and Leisure Properties down on equity offering to fund acquisition

Bally's

29/06/2022 14:19

** Gaming and Leisure Properties Inc's  GLPI.O  shares down
2.3% at $45.60 premarket as co raises equity to fund acquisition
    ** Casino REIT late Tues sold 6.9 mln shares for $308.8 mln
raise  urn:newsml:reuters.com:*:nGNXCJ433
    ** Offering prices at $44.75, 4.1% discount to stock's last
sale
    ** Co plans to use net offering proceeds to help fund $1 bln
purchase of two Rhode Island casino properties from operator
Bally's Corp  BALY.N   urn:newsml:reuters.com:*:nFWN2YF125
    ** GLPI has ~247.5 mln shares outstanding for ~$11.6 bln
market cap, per Refinitiv data
    ** YTD, shares down 4.1% through Tues close
    ** Wells Fargo, JP Morgan, RBC and Goldman Sachs bookrunners
for equity offering
    ** BALY's shares closed at $20.33 on Tues, down 46.6% in
2022. Shares have yet to trade before the bell

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))