GLP Financial Policy
GLP’s Financial Policy (“Policy”) is approved by the GLP Board of Directors and reviewed by the Audit Committee on a quarterly basis.
GLP’s strategy is underpinned by a robust balance sheet, strong liquidity and modest leverage so key financial performance indicators are frequently reviewed and updated depending on business requirements and/or economic conditions to meet this strategy.
This Policy governs how GLP manages its financial risks such as interest rate risk, debt maturity profile, foreign exchange risk and liquidity risk. Our financial performance is benchmarked against set targets on a regular basis as set out in the financial risk management framework.
GLP is committed to maintain an investment grade credit rating and has incorporated three key financial metrics into the Board approved Policy. These triggers are measured and tracked quarterly with results communicated back to the Board.
Credit Rating
| Fitch | BBB- |
| S&P | BBB- |
| Financial Metrics | Target | Definitions |
| Net Debt / Core Underlying EBITDA | Less than 9x | Net Debt / Core Underlying EBITDA, which is defined as Net Debt1 divided by Core Underlying EBITDA2 |
| Interest Coverage ratio | More than 2.5x | Interest Coverage ratio, which is defined as Core Underlying EBITDA2 divided by Cash Interest3 |
| Net Leverage ratio | Less than 45% | Net Leverage ratio, which is defined Net Debt1 divided by Total Assets less Cash |
Notes:
- Net Debt is defined as Current and Non-current Loans and borrowings less Cash and cash equivalents
- Core Underlying EBITDA is a non-GAAP financial measure used to measure our operating performance. The definitions and calculations are disclosed in our MD&A.
- Cash Interest is defined as Interest paid per Cash flows from financing activities
*Updated as at May 2023
Interest Rate Risk
- Maintain a mix of fixed and variable rate debt
- Manage interest cost at competitive levels
Debt Profile
- Ensure weighted average debt maturity > 3 years
- Ensure encumbered debt < 50% of total debt
FX Risk
- Eliminate transactional FX exposure by hedging once transaction is committed
- Maintain natural hedge for translational FX exposures
Liquidity Risk
- Maintain sufficient facilities headroom to cater for black swan events
- Maintain access to diversified sources of capital
Listed Bonds
GLP Pte Ltd
USD 5 Billion Euro Medium Term Note Programme
For institutional and accredited investors only
Listed bonds issued under the EMTN Programme
| Bond Series | Currency | Amount (Million) | Tenor (Years) | Coupon | Issue Date |
| Series 4 | USD | 1,000 | 10 | 3.875% | 4 June 2015 |
GLP Pte Ltd
JPY 15.4 Billion Tokyo Pro-Bond Programme Guaranteed by Credit Guarantee and Investment Facility (“CGIF”)
For professional investors only
Listed bonds issued under the Tokyo Pro-Bond Programme
| Bond Series | Currency | Amount (Million) | Tenor (Years) | Coupon | Issue Date |
| Series 1 | JPY | 15,400 | 9 | 0.55% | 24 Dec 2020 |
GLP China
HKD 20 Billion Euro Medium Term Note Programme
For institutional and accredited investors only
Listed bonds issued under the MTN Programme
| Bond Series | Currency | Amount (Million) | Tenor (Years) | Coupon | Issue Date |
| Series 1 | USD | 500 | 5 | 4.974% | 26 Feb 2019 |
For debt investor inquiries, please contact:
For debt investor inquiries, please contact:
