GLP to issue onshore B&R bonds in China worth $1.8 billion
January 5, 2018: GLP China has received approval from the China Securities Regulatory Commission (CSRC) to issue up to $1.8 billion of RMB-denominated belt and road (B&R) bonds on the Shenzhen Stock Exchange.
According to reports, the proceeds will be used to repay existing debt related to the financing of GLP's recent acquisition of logistics assets in Europe.
GLP, the leading global provider of modern logistics facilities is the first company to issue onshore B&R bonds.
B&R bonds are used to finance projects related to the One Belt One Road initiative that seeks to connect Asia and Europe over land and sea.
GLP China has an AAA3 credit rating%u2014the highest possible rating in China, and plans to issue the B&R bonds in multiple tranches, depending on GLP's financing needs and market conditions.
Teresa Zhuge, co-president of GLP China said: 'We are pleased to be the first company to receive this landmark approval and this marks the launch of our B&R bonds. We will continue to maintain a strong balance sheet including further diversifying our funding sources to support our long-term growth objectives.'