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GLP’s Dollar Bonds Rally Up to 8% on Talks of Asset Sale
July 21, 2023
GLP China’s dollar bonds rallied by up to 8% after it was reported that the company is in talks with a state-owned firm over the potential sale of some of its assets in China. The negotiations are said to be happening with China Logistics Group amidst GLP’s ongoing efforts to cut its debt. While the potential deal size was undisclosed, it was reported that one of its units, GLP China Holdings had an NAV of roughly $14bn as of end-2022. GLP had earlier announced in May that it entered into an MoU with an unknown investor on the potential sale of some assets in China, with the deal targeted to be closed by the end of this year. Even though GLP’s credit rating is investment grade at BBB-, some of its bonds were pushed into distressed territory due to slumping earnings, escalating debt levels and corporate-governance concerns.
GLP’s 4.6% Perps rallied over 8% yesterday to trade at 40.3 cents on the dollar currently.
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