Gaming and Leisure Properties (NASDAQ:GLPI) will soon see its coffers swell. The casino-focused real estate investment trust (REIT) announced that it is floating $500 million worth of senior unsecured notes in a public offering that's expected to close on Thursday, June 25.

The notes bear an annual interest rate of 4%, and they mature in 2031. They will be offered at 98.827% of face value.

Chips falling on a casino table.

Image source: Getty Images.

Gaming and Leisure Properties expects to reap just under $490 million in net proceeds from the issue. It said it will use the funds to retire debt incurred under a revolving credit facility, as well as for working capital and "general corporate purposes." 

The numerous joint book-running managers include J.P. Morgan Securities and Wells Fargo Securities.

Since it is a casino specialty REIT, Gaming and Leisure Properties has been struggling along with that sector. The business shutdown measures engendered by the SARS-CoV-2 coronavirus outbreak severely constricted the flow of money coming into the industry, and although casinos are starting to reopen they continue to face challenging times.

Nevertheless, Gaming and Leisure Properties is continuing to pay a quarterly dividend. The company announced that its shareholders have elected to receive their latest payout in either cash, stock, or a mix of both.

The total cash amount is $0.60 per share; those choosing to receive only stock for the dividend will get a fraction of a share per each share they currently own. The cash/stock monetary equivalent ratio for the mix is $0.13 and $0.47, respectively.

In contrast to the main market indexes, plus numerous other consumer discretionary stocks, Gaming and Leisure Properties shares rose Friday, closing 0.90% higher.