Global Logistic Properties (GLP), a unit of the Government of Singapore Investment Corp (GIC), has sold an upsized S$250 million reopening of its 5.5 percent perpetual bonds at the rich end of price talk, according to The Business Times, citing market sources.
The report said the notes were sold at 100.50 apiece after being marketed at 100.25 to 100.50. The deal amount was first set at S$200 million. A source close to the deal noted that the first round of notes performed well, as GLP’s low interest rate environment and strong credit health made the coupon look attractive.
The notes may be called before 7 April 2017 at 101 percent of par. However, the coupon will increase by 100 basis points in Year 10 if they are not called after the first five years.
The report added that JPMorgan has been appointed as the global coordinator for the deal, while DBS, Goldman Sachs and Citi will join the bookrunning duties.
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