Are there any call or redemption provisions attached to the 2033 or 2037 notes that could affect future cash‑flow planning?

The pricing release does not spell out any specific optional‑redemption or “call” language for either the 5.250 % senior notes due 2033 or the 5.750 % senior notes due 2037. In most U.S. corporate bond indentures of this size, the issuers are granted a make‑whole early‑redemption right (often exercisable up to a year before maturity) and, after a set “call‑date” (typically 5‑7 years after issue), a par‑redemption right on any business‑day. Because the release only provides the coupon, price and maturity dates, it is reasonable to assume that the notes follow that standard structure.

If GLPI elects to exercise a make‑whole redemption before the “first‑call” window, cash‑flow planners will need to anticipate a lump‑sum outflow equal to the outstanding principal plus a premium based on Treasury rates plus a spread (the “make‑whole” premium). After the first‑call date, any redemption would be at par, eliminating the premium but still accelerating principal repayment. Until the official indenture is reviewed, traders should treat the notes as potentially callable and factor in a modest call risk premium when modelling cash‑flow projections, especially if interest rates fall sharply and GLPI can refinance at a lower cost.

Actionable insight: Keep an eye on the forthcoming indenture filing (usually posted on the SEC’s EDGAR system) to confirm the exact call schedule. If the notes carry a traditional make‑whole and 5‑year call date, a steepening yield curve or a decline in 10‑year Treasury rates could prompt early redemptions, creating a “cash‑flow surprise” for holders. In the meantime, price the bonds with a small call‑risk discount relative to comparable non‑callable issue spreads, and consider a short‑duration position if you anticipate a rate‑environment that would make early redemption attractive to GLPI.