Submitted by glpadmin1 on Tue, 05/11/2021 - 09:50

GLP Raises US$850 Million with the Launch of the Largest US$ Green Subordinated Perpetual Securities Globally

GLP Raises US$850 Million with the Launch of the Largest US$ Green Subordinated Perpetual Securities Globally

NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO ANY U.S. PERSONS OR TO ANY OTHER PERSONS IN ANY JURISDICTION IN WHICH SUCH PUBLICATION WOULD BE PROHIBITED BY APPLICABLE LAW

Singapore, 11 May 2021 – GLP has successfully priced a landmark US$850 million Regulation S offering (the “Offering”) of Green Subordinated Perpetual Non-Call 5-year Securities (the “Green Perpetual Securities”) at a coupon of 4.500%. The quality and granularity of the final orderbook, which was more than 6.0x oversubscribed based on the initial target size of US$500 million, ultimately enabled GLP to upsize the transaction to US$850 million.

This issuance marks GLP’s return to the international public US$ bond markets after more than five years and represents the first-ever offering of US$ Green Subordinated Perpetual Securities by an APAC corporate issuer and the largest US$ Green Subordinated Perpetual offering globally till date.

Proceeds from the Green Perpetual Securities will be used by GLP to refinance eligible green projects in accordance to GLP’s Green Finance Framework on which Sustainalytics has issued a second party opinion.

Edwin Tey, Global Treasurer of GLP said, “We are very pleased to see the high level of investor confidence and the strong market response to our first-ever perpetual green bond. This follows our US$658 million sustainability-linked loan completed in February 2021 and serves to reinforce GLP’s commitment to make sustainability a core component of our business.”

The Green Perpetual Securities, issued under GLP’s US$5 billion Euro Medium Term Note Programme, will receive 50 percent equity credit from S&P (till Year 5), Fitch and Moody’s.

The Green Perpetual Securities are not callable for the first five years and there is a +25 bps step-up margin from Year 10, and an additional (cumulative) +75 bps from Year 25.

Following this transaction, GLP and its strategic partners have raised approximately US$2 billion in sustainability linked loans and green bonds globally. Notably, GLP J-REIT (TSE: 3281) was the first logistics J-REIT to launch a green bond targeted at retail investors and has also issued 15-year sustainability bonds, the longest tenure for sustainability bonds in the J-REIT market.

Citigroup Global Markets Singapore Pte. Ltd., DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, Goldman Sachs (Singapore) Pte. and Mizuho Securities Asia Limited, are acting as Joint Bookrunners and Joint Lead Managers for the Offering.

Shearman & Sterling are advising GLP and Sidley Austin are advising the Joint Bookrunners and Joint Lead Managers for the Offering.

About GLP

GLP is a leading global investment manager and business builder in logistics, real estate, infrastructure, finance and related technologies. Our combined investing and operating expertise allows us to create value for our customers and investors. We operate across Brazil, China, Europe, India, Japan, the U.S. and Vietnam and have over US$100 billion in assets under management. Learn more at glp.com/global.

Media Contact:

Faye Kwan
VP, Global Communications
Tel: +65 6933 3608
Email: faye@glp.com

Debt Investor Contact:

Edwin Tey
SVP, Global Treasurer
Tel: +65 6643 6391
Email: debt_ir@glp.com

Fund Investor Contact:

Craig A. Duffy
Managing Director, Fund Management
Tel: +852 9038 5284
Email: cduffy@glp.com

 

This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this press release may not contain, and you may not rely on this press release as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of GLP or its subsidiaries. This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," “intends,””foresees,s release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this press release may not cnts that describe objectives, plans or goals also are forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events and speak only as of the date of this press release. GLP does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that GLP’s assumptions are correct.

This announcement does not constitute or form part of, and should not be construed as, any offer, solicitation or invitation to sell, issue, purchase or subscribe for the Notes or any securities of the Issuer in the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the "Securities Act") or in any other jurisdiction in which such offer or solicitation would be unlawful. The securities have not been, and will not be, registered under the Securities Act, or with any securities regulatory authority or under the securities laws of any state of the United States or any other jurisdiction and may not be offered or sold in the United States absent registration unless conducted under an applicable exemption from, or in a transaction not subject to, the registration requirements under the Securities Act and applicable state or local securities laws of the United States. If the offering proceeds, the securities will only be offered and sold outside the United States in offshore transactions in reliance on Regulation S under the Securities Act. Any public offering of securities in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer, management and financial statements. No public offering of any securities referred to herein will be made by the Issuer in the United States or to, or for the account or benefit of, U.S. Persons or in any other jurisdiction where such an offering is restricted or prohibited. Nothing in this communication shall constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction in which such offer or sale would be unlawful. Any failure to comply with the above restrictions may result in a violation of the Securities Act or the applicable laws of other jurisdictions. No money, securities or other consideration is being solicited by this announcement or the information contained herein and, if any money, securities or other consideration is sent in response to this announcement or the information contained herein, will not be accepted. Copies of this announcement nor any portion hereof should not be distributed, directly or indirectly, in or into the United States, to U.S. Persons or in any other jurisdiction in which such distribution is prohibited. This announcement is confidential and solely for the use of the person it is addressed to and its advisors. Release, transmission or distribution to another person is prohibited. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the rating agency.

Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as distribution to retail investors is prohibited in EEA.

Manufacturer target market (UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No UK PRIIPs key information document (KID) has been prepared as distribution to retail investors is prohibited in the UK.

This announcement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes may not be circulated or distributed, nor may the Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore, as modified or amended from time to time (the “SFA”)) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA and (in the case of an accredited investor) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018 or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

In connection with Section 309B of the SFA and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), the Issuer has determined the classification of the Notes as prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).