NEW YORK (TheStreet) --Gaming and Leisure Properties (GLPI) - Get Gaming and Leisure Properties, Inc. Report stock is spiking 2.49% to $31.69 on heavy trading volume Friday after the company announced that it increased the public offering of its shares.
Specifically, the company upsized its previously announced underwritten public offering to 25 million shares at a public offering price of $30 a share, from 19 million shares.
Underwriters were granted a 30-day option to purchase up to an additional 3.75 million shares of its common stock.
Net proceeds from the offering, projected to close on April 6, 2016, are expected to be around $718 million, which the company intends to use to fund its acquisition of all of the real estate assets of Pinnacle Entertainment.
In July, the company said it would acquire Pinnacle's real estate assets in an all-share deal that gives the holdings an enterprise value of $4.75 billion.
As of 1:25 p.m., more than 9 million shares had changed hands, above the company's average trading volume of about 911,000 shares.
Based in Wyomissing, PA, Gaming and Leisure Properties primarily engages in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements.