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Bond Market News
GLP Completes $3.7bn Ex-China Fund Business Sale; Road King’s Dollar Bonds Rally
March 5, 2025
GLP announced that it has completed the sale of its ex-China fund management business GCP International, to Ares Management for $3.7bn. This transaction would be a combination of cash and Ares Class A common shares. Besides, the deal also includes an additional earn-out provision of up to $1.5bn, contingent on reaching certain performance targets. GLP retains its existing balance-sheet assets and stakes in GCP International funds and will continue to invest globally. GLP’s dollar bonds were among the top gainers, with its 4.5% Perp callable in May rising by 3.5 points to 63.5, yielding 12.1%.
Separately, Road King’s dollar bonds were up over 3 points after sources noted that a certain company had tendered a non-binding bid for CVC Capital Partners’ entire 25% stake in Road King Expressway International. However, there is no confirmation regarding this. Initially in 2022, CVC Capital Partners decided to sell its 25% stake in the toll road arm of Road King at a valuation of up to $3bn at the time. Road King’s 5.2% 2026s were up 5 points to trade at 46.1 cents on the dollar.
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