GLP

GLP: Reportedly planning to issue $300m-$500m worth of perpetual bonds at approx 5% with a step-up in Apr 2022. Co intends to raise funds for acquisition opportunities in this depressed economic environment. GLP has approx $1.7b in cash currently with net debt to gross asset ratio of around 23%. Fitch has assigned a BBB- rating to the perpetual notes, viewed as a hybrid, 2 notches below GLP’s BBB+ rating.