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Bond Market News
GLP China Launches Tender Offer for 3.875% 2025s
October 23, 2024
GLP China launched a tender offer to buy back its 3.875% 2025s at par plus accrued interest. The notes currently trade at 98.1, yielding 7.2% and have an amount outstanding of $1bn. The company’s tender offer is being done to proactively manage its upcoming debt maturities and extend its debt maturity profile. Separately, GLP China is concurrently offering a new dollar bond to professional and institutional investors. The company plans to finance the tender offer with the proceeds from the new issuance of bonds. The tender offer will expire on October 28, with the results expected to be announced on October 29. A priority allocation will be given in the tender offer to investors who participate in the new issue. Fitch believes that GLP China has sufficient liquidity to repay the 2025s even without the proposed issuance.
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