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Bond Market News
GLP Offers $7bn of Assets to China Logistics Group in Asset Sale Deal
August 31, 2023
GLP Pte Ltd has offered about $7bn worth of assets to China Logistics Group to choose from, as part of a deal. Due diligence is ongoing with the assets coming from multiple funds and projects, as per Bloomberg. Earlier, it was reported that a deal could see China Logistics Group take a controlling stake in a portfolio of GLP’s assets. In May, GLP hinted about the potential sale of some of its assets adding that it will use proceeds to reduce leverage, fund debt buybacks and for other purposes. Its unit, GLP China had an NAV of ~$14bn at end-2022. GLP is an IG-rated issuer at BBB- by both S&P and Fitch.
Its dollar bonds moved higher with its 4.794% 2024s up 2 points to 87.5.
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