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Bond Market News
GLP Identifies Sources to Pay 2025 Dollar Bond
May 7, 2024
GLP Pte. said that it has identified the sources to pay its $1bn 3.875% bonds due June 2025. This would include a mixture of tapping the bond markets and taking loans from its “core relationship” banks. The logistics operator has already paid back $1.7bn of its other bonds this year. With nearly 46% of GLP’s debt maturing by end-2024, it plans to meet these maturities with cash balances, operational cashflows and asset sales. GLP was cut to HY-status of BB+ by S&P last year due to slower-than expected asset monetization and deteriorating liquidity. However, the company later asked for its ratings to be withdrawn.
GLP’s 3.875% 2025s were trading stable at 89.8, yielding 14.55%.
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