Deleveraging

How GLP used Panda bonds and courted investors to cut debt

Raising funds while paying off debt after a take-private buyout is no mean feat. GLP global treasurer Edwin Tey explains how he managed to pull it off.

In 2010, Global Logistics Properties GLP listed on the Singaporean stock market.

GLP is Asia’s largest industrial and infrastructure provider - it owns warehouses that it leases out to clients like Alibaba-backed Best Logistics and Chinese e-commerce platform JD.com.

Last January, a consortium of Chinese institutional investors bought out shareholders including Singapore’s sovereign wealth fund GIC in a $11.6 billion deal. But the take-private event saddled it with more than $2 billion in incremental debt.

To make matters worse, credit rating agency Moody’s issued a negative rating. GLP was in the middle of a growth spurt and made an acquisition before going private....

¬ Haymarket Media Limited. All rights reserved.

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