GLP’s strategy is underpinned by a robust balance sheet, strong liquidity and modest leverage.

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 maintaining an investment grade credit rating of at least BBB and has incorporated key financial metrics defined by our credit rating agencies into the Board approved Policy. Such financial metrics are measured and tracked quarterly with results communicated back to the Board.

Credit Rating

Fitch BBB-
S&P BBB-
Financial Metrics Target Definitions
Funds from Operations / Total Debt More than 10% Funds from Operations / Total Debt, which is defined as Adjusted EBITDA1 less Cash Interest and Taxes paid2 divided by Total Debt3
Interest Coverage ratio More than 2.5x Interest Coverage ratio, which is defined as Adjusted EBITDA1 divided by Cash Interest paid4
Consolidated Net Leverage ratio Less than 45% Consolidated Net Leverage ratio, which is defined as Consolidated Net Debt divided by Consolidated Total Assets less Cash

Notes:

  1. Adjusted EBITDA includes our pro-rata share of EBITDA from joint ventures and associates, as well as monetized fair value gains
  2. Cash Interest and Taxes paid includes our pro-rata share of interest and taxes paid at joint ventures and associates
  3. Total Debt includes our pro-rata share of debt from joint ventures and associates
  4. Cash Interest paid includes our pro-rata share of interest paid at joint ventures and associates

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

Download Offering Circular

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

Download Offering Circular

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

Download Offering Circular

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: