Article/Intelligence
UPDATE 2: GLP’s $300M 9.75% SUNs Due May 2028 to Be Listed From May 22
Wed May 21, 2025 01:58 AM ET: Singapore-based logistics real estate company GLP Pte. Ltd. announced to the Singapore Exchange today, May 21, that its $300 million 9.75% senior unsecured notes due May 20, 2028, will be listed and quoted in the bonds market with effect from Thursday, May 22, at 9 a.m.
UPDATE 1: GLP Prices $300M Senior Unsecured Notes Due May 2028 at 9.75% Coupon; Moves Fix Income Investor Call to This Afternoon, Releases FY’24 Results
Wed May 07, 2025 11:06 PM ET: Singapore-based logistics real estate company GLP Pte. Ltd. has priced $300 million senior unsecured notes due May 20, 2028 at a final coupon of 9.75%, according to deal terms sent by bookrunner and seen by Octus.
Net proceeds of the new issue are to partially refinance GLP’s $1 billion 3.875% notes due June 4, the terms show. (Full terms are below.)
Deutsche Bank AG, Singapore Branch, is acting as sole lead manager and bookrunner.
The new notes are expected to be rated BB by Fitch. Key financial covenants include a maximum net leverage ratio of 50%, and net gearing not exceeding 130%, the terms show.
Octus first reported in March that Deutsche Bank was among banks sounding credit investors’ interest in a potential USD bond offering for GLP to refinance the company’s upcoming dollar bond maturities due 2025 and 2026, and had tested investor appetite in a single-digit new issue.
GLP said it has rescheduled its fixed income investor call to today, May 8 at 5 p.m. Singapore time from May 15, according to an update call invite Octus has seen. Registration is here.
The company has released its audited 2024 financial statements this morning to the Singapore Exchange, which were initially due on May 15.
Terms of the $300 million 9.75% notes are:
ISSUER: GLP Pte. Ltd.
LEI CODE: 254900PC2NNG9BLIJO15
ISSUER RATINGS: BB (Stable) by Fitch
EXP. ISSUE RATINGS: BB by Fitch
ISSUANCE: US$ Senior Unsecured Fixed Rate Notes
FORMAT: Regulation S only, Registered, drawdown off US$5bn EMTN Programme
SIZE: US$ 300,000,000
TENOR: 3-Year
COUPON: 9.750%, payable semi-annually, 30/360
REOFFER PRICE: 100.00%
ISSUE DATE: 20 May 2025 (T+7)
MATURITY DATE: 20 May 2028
FIRST COUPON DATE: 20 November 2025
USE OF PROCEEDS: The net proceeds from the issue of the Notes will be used to partially refinance the Issuer’s outstanding US$1,000,000,000 3.875% Senior Notes due 2025.
KEY COVENANTS: Financial Covenants: Net Leverage ≤ 50% Net Gearing ≤ 130% One-period coupon payment in Interest Reserve Account
LISTING: SGX-ST
DENOMINATIONS: US$200,000 and integral multiples of US$1,000 in excess thereof
GOVERNING LAW: English Law
CLEARING SYSTEMS: Euroclear and Clearstream, Luxembourg
ISIN CODE / COMMON CODE XS3071310059 / 307131005
SOLE LEAD MANAGER AND BOOKRUNNER: Deutsche Bank AG, Singapore Branch
Original Story 6:27 a.m. UTC on March 31, 2025
Banks Sound Investor Interest in Potential GLP Dollar Bond Issue At Single Digit With Concurrent Tender for Due 2025, 2026 Notes; Co. Spokesperson Says No Current Plans for USD Bond Issuance
Investment banks including Citi, Deutsche Bank and Mizuho Bank have this month sounded credit investors’ interest in a potential USD bond offering for Singapore-based logistics company GLP Pte Ltd. to refinance its upcoming dollar bond maturities, according to two sources briefed on the matter.
The banks have sounded investors on a new issue with a concurrent tender offer for USD notes due 2025 and 2026 issued by GLP and its Hong Kong-incorporated subsidiary, GLP China Holdings, both sources added.
None of the banks have a mandate from GLP, and there is no certainty GLP will proceed with a bond sale, both sources added.
In response to Octus’ request for comment on market talk that the China-focused logistics warehouse and data centers company might come with a new USD issue, a GLP spokesperson said that “GLP has no current plans for a USD bond issuance and no banks have been mandated for such a transaction.”
GLP’s outstanding USD bond maturities include one due 2025 tranche and one due 2026 tranche:
- $1 billion 3.875% notes due June 4 issued by GLP; and
- $700 million 2.95% notes due March 2026 issued by GLP China Holdings.
During the banks’ exchanges with GLP late last year, the company had asked for a single-digit yield for a possible new issue, said one of the first two sources and a third source briefed on the matter. Banks have earlier this month tested investor appetite in a single-digit new issue, according to one of the first two sources.
GLP has not decided whether to pursue a bond sale as it can potentially tap other financing channels, two of the three sources added.
Deutsche Bank declined to comment. Citi did not respond to requests for comment. Mizuho could not be reached for comment.
GLP’s capital structure is below:
|
06/30/2024
|
EBITDA Multiple
|
|||||||
|---|---|---|---|---|---|---|---|---|
|
(USD in Millions)
|
Amount
|
Price
|
Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
|
||||||||
|
Secured Bank Loans – Current 1
|
439.8
|
|
439.8
|
|
|
|
||
|
Secured Bank Loans – Non-current 1
|
1,950.6
|
|
1,950.6
|
|
|
|
||
|
Secured Bank Loans – Non-recourse borrowings of managed entities 1
|
2,321.3
|
|
2,321.3
|
|
|
|
||
|
Total Secured Bank Loans
|
4,711.7
|
4,711.7
|
2.4x
|
2.4x
|
||||
|
Unsecured Bank Loans – Current
|
2,548.8
|
|
2,548.8
|
|
|
|
||
|
Unsecured Bank Loans – Non-current
|
2,879.9
|
|
2,879.9
|
|
|
|
||
|
Total Unsecured Bank Loans
|
5,428.7
|
5,428.7
|
5.2x
|
5.2x
|
||||
|
R GLP 1 2
|
804.8
|
|
804.8
|
Jun-09-2071
|
|
|
||
|
R GLP 2 2
|
255.6
|
|
255.6
|
Jun-07-2071
|
|
|
||
|
Total ABS
|
1,060.4
|
1,060.4
|
5.7x
|
5.7x
|
||||
|
22 GLP 02 3
|
78.6
|
|
78.6
|
Sep-26-2025
|
4.200%
|
|
||
|
22 GLP 01 3
|
137.9
|
|
137.9
|
Mar-07-2025
|
4.300%
|
|
||
|
21 GLP 11 4
|
–
|
|
–
|
Aug-23-2026
|
4.300%
|
|
||
|
Total Onshore Bonds
|
216.5
|
216.5
|
5.8x
|
5.8x
|
||||
|
US$ 500 Million 3.5% MTN Due Sept 2031 5
|
500.0
|
|
500.0
|
Sep-22-2031
|
3.500%
|
|
||
|
JPY 15.4 Billion 0.55% Senior Notes Due Dec 2029 6
|
96.3
|
|
96.3
|
Dec-24-2029
|
0.550%
|
|
||
|
JPY 15 Billion 2.7% Senior Notes Due Jul 2027 5
|
93.8
|
|
93.8
|
Jul-26-2027
|
2.700%
|
|
||
|
JPY 15 Billion 1.24% Senior Notes Due Jul 2026 5
|
93.8
|
|
93.8
|
Jul-30-2026
|
1.240%
|
|
||
|
US$ 700 Million 2.95% MTN Due Mar 2026 3
|
700.0
|
|
700.0
|
Mar-29-2026
|
2.950%
|
|
||
|
HKD 100 Million Zero Coupon Due Jan 2026 3
|
12.8
|
|
12.8
|
Jan-31-2026
|
–
|
|
||
|
US$ 1 Billion 3.875% MTN Due Jun 2025 5
|
1,000.0
|
|
1,000.0
|
Jun-04-2025
|
3.875%
|
|
||
|
CNH 1.2 Billion 4% MTN Due Jul 2024 7
|
–
|
|
–
|
Jul-02-2024
|
4.000%
|
|
||
|
Total Offshore Notes
|
2,496.7
|
2,496.7
|
7.1x
|
7.1x
|
||||
|
Capital Security Instruments 8
|
1,158.7
|
|
1,158.7
|
|
4.500%
|
|
||
|
Total Capital Security Instruments
|
1,158.7
|
1,158.7
|
7.7x
|
7.7x
|
||||
|
US$300 Million 4.6% Green Subordinated Perpetual Capital Notes 5
|
300.0
|
|
300.0
|
|
4.600%
|
|
||
|
US$850 Million 4.5% Green Subordinated Perpetual Capital Notes 5
|
850.0
|
|
850.0
|
|
4.500%
|
|
||
|
Total Perpetuals
|
1,150.0
|
1,150.0
|
8.3x
|
8.3x
|
||||
|
Total Debt
|
16,222.7
|
16,222.7
|
8.3x
|
8.3x
|
||||
|
Less: Cash and Equivalents
|
(1,567.6)
|
(1,567.6)
|
||||||
|
Plus: Restricted Cash
|
183.5
|
183.5
|
||||||
|
Net Debt
|
14,838.6
|
14,838.6
|
7.6x
|
7.6x
|
||||
|
Operating Metrics
|
||||||||
|
LTM Reorg EBITDA
|
1,961.6
|
|||||||
|
|
||||||||
|
Liquidity
|
||||||||
|
Plus: Cash and Equivalents
|
1,567.6
|
|||||||
|
Less: Restricted Cash
|
(183.5)
|
|||||||
|
Total Liquidity
|
1,384.1
|
|||||||
|
Credit Metrics
|
||||||||
|
Gross Leverage
|
8.3x
|
|||||||
|
Net Leverage
|
7.6x
|
|||||||
|
Notes:
Sources: Refinitiv, Company filings, Wind; According to FY21 report, on Jan. 1, 2022, Chiba New Town TMK issued bond of JPY 4 billion with expected redemption in 2025 and a final redemption in 2026. The bond was issued at an interest rate of 0.85% with 3-month TIBOR and 1.85% with 3-month TIBOR from the expected redemption date to the final redemption date. 1. According to FY23 report, the secured bank loans are secured by mortgages on the borrowing subsidiaries’ investment properties with a carrying amount of $11.27 billion 2. Issued by GLP China Holdings Limited. The ABS is likely off-balance sheet. 3. Issued by GLP China Holdings Limited 4. Issued by GLP China Holdings Limited; Repaid on Aug. 23, 2024 puttable date 5. Issued by GLP Pte. Ltd. 6. Issued by GLP Pte. Ltd; Fully guaranteed by Credit Guarantee and Investment Facility (CGIF) 7. Issued by GLP China Holdings Limited; Repaid at maturity 8. Exchangeable into shares of GCP upon the occurrence of a liquidity event; Secured on shares of GCP held by a subsidiary of GLP; 4.5% distributions deferrable for first 3 years, increases thereafter Pro Forma: Reorg’s pro forma capital structure accounts for year-to-Aug 2024 repayments of onshore and offshore notes totaling CNY 2.4 billion by deducting such amounts against the June 2024 unrestricted cash |
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