Tuesday, January 17, 2012


GLP: Announces pricing of new perpetual securities at 100.5% with the same terms and conditions as the Dec 2011 securities. The total amt issued was $250m at 5.5%. Co is rated Baa2 by Moody’s and BBB+ by Fitch. The new perpetuals are expected to rated BBB- by Fitch. The pricing is supposedly on the high side possibly on anticipated strong demand after the Dec issue.

Co had previously issued $500m in perpetuals during early Dec 2011 at 5.5% as well. These came with a rate reset on 7 April 2017 and step up on 7 Apr 2022.

GLP is currently trading at fwd P/B of 0.9x.

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