GLP doesn't have much of a track record of acquisitions. The only one I could find other than the new gas station deal was the acquisiton of terminals in March 2007. Most of that was financed thru debt, but GLP also issued units in a private placement for the financing. This seems strange, and I wasn't following GLP at that time, but it appears that GLP issued units at a $ 3 discount to market in that private placement ($ 31 market vs $ 28 private placement). The discount isn't surprising, but the stock didn't tank. which is surprising. It actually rose.
Anyway, I'm thinking that GLP is likely to do another offering; otherwise its debt/equity ratio will go crazy. And my experience with MLPs this year is that their stocks do tank after a discounted offering, at least temporarily.
Probably raising new equity was the banks' condition to the new lending arrangement. Borrowing $ 200 million really raised the leverage ratios, even for a company that generally uses a lot of debt, even in the best of times.