The term loan is prepayable without penalty following the opening of the Hard Rock Casino in Rockford, IL, which is expected in September 2024. The term loan has a draw period of up to 1-year and a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension). Any borrowings under the senior secured delayed draw term loan will be subject to an interest rate of 10.0%. In addition to the ground lease, GLPI has also committed to providing up to $150.0 million of development funding via a senior secured delayed draw term loan, subject to regulatory review. The initial annual rent for the ground lease is $8.0 million, subject to fixed 2.0% annual escalation beginning with the lease’s first anniversary and for the entirety of its term. Simultaneous with the land acquisition, GLPI entered into a ground lease with 815 Entertainment for a 99-year term. (NASDAQ: GLPI) (“GLPI”) announced today that it has acquired the land associated with the Hard Rock Casino development project in Rockford, IL from an affiliate of 815 Entertainment, LLC (together, “815 Entertainment") for $100.0 million. 29, 2023 (GLOBE NEWSWIRE) - Gaming and Leisure Properties, Inc.
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