Chicago, May 13 – GLP Pte. Ltd. sold an upsized $850 million of 4½% green subordinated perpetual securities (BB/BB+) on Tuesday, according to a company notice.
The notes were upsized from a target size of $500 million.
The offer was more than six times oversubscribed.
This is GLP’s first issue in the international market in more than five years.
Proceeds from the Regulation S issue will be used to refinance eligible green projects.
The notes are not callable for the first five years. The rate steps up 25 basis points in year 10 and then another 50 bps from year 25.
Citigroup Global Markets Singapore Pte. Ltd., DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, Goldman Sachs (Singapore) Pte. and Mizuho Securities Asia Ltd. are acting as joint bookrunners and joint lead managers for the offering.
GLP is a global investment manager and business builder in logistics, real estate, infrastructure, finance and related technologies. Headquarters are in Singapore.
| Issuer: | GLP Pte. Ltd.
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| Issue: | Green subordinated perpetual securities
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| Amount: | $850 million
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| Maturity: | Perpetual
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| Bookrunners: | Citigroup Global Markets Singapore Pte. Ltd., DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, Goldman Sachs (Singapore) Pte. and Mizuho Securities Asia Ltd.
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| Counsel to issuer: | Shearman & Sterling
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| Counsel to underwriters: | Sidley Austin
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| Coupon: | 4½% initial rate; steps up to 4¾% in year 10 and to 5¼% in year 25
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| Call features: | Five years call protection
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| Trade date: | May 11
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| Ratings: | S&P: BB
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| Fitch: BB+
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| Distribution: | Regulation S
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