GLP Successfully Refinances JPY47 billion (US$62 million) of Debt
GLP has today completed the refinancing of JPY47 billion (US$612 million) debt, representing 19.4% of GLP's overall debt in Japan. The new interest cost of 1.42% (with interest rate swap) is lower than the previous interest cost of 1.94%.
Singapore, 28 September 2011 – Global Logistic Properties Limited ("GLP"), the market leader in modern logistics facilities in China and Japan, announced today that GLP has completed the refinancing of JPY47 billion (US$612 million) debt, representing 19.4% of GLP's overall debt in Japan3. The new interest cost of 1.42% (with interest rate swap) is lower than the previous interest cost of 1.94%. In addition, the maturity of the debt has been extended to March 2016 from September 2012.
"We are very pleased to have completed the refinancing of this debt one year ahead of its maturity. Besides achieving interest savings, the refinancing further strengthens our robust capital structure by extending our debt expiry profile. GLP continues to have significant financial flexibility in the current economic environment with low leverage of 22% net debt to gross asset value." said Ms. Heather Xie, CFO.
Details of Refinancing
| After Refinancing | Before Refinancing | |
| Borrowing amount (JPY) (US$ equivalent4) |
JPY47.0 billion (US$612 million) | JPY51.0 billion (US$664 million) |
| Interest cost (after interest swaps) | 1.42% | 1.94% |
| Maturity date | 27 March 2016 | 27 September 2012 |
| Borrowing Type | Floating rate TMK specific bond with interest rate swap | Floating rate TMK specific bond with interest rate swap |
GLP has used an interest rate swap to fix the interest rate of the new debt at 1.42% for the full 4.5 year term. GLP, as part of its overall financial strategy, chose to pay down approximately 7.8% of the refinancing, or JPY4.0 billion, out of its cash on hand.
About Global Logistic Properties (www.glprop.com)
Global Logistic Properties (GLP) is Asia’s largest provider of modern logistics facilities. It owns, manages and leases out 337 completed properties in 127 logistics parks spread across 27 major cities in China and Japan, forming an efficient logistics network with properties strategically located in key logistics hubs, industrial zones and urban distribution centres. By providing flexible solutions of Multi-tenant, Build-to-suit and Sales-and-leaseback, GLP is dedicated to improving the supply chain efficiency for strategic expansion goals of the most dynamic manufacturers, retailers and 3rd party logistics companies in the world. The Group was listed on the Mainboard of Singapore Exchange Securities Trading Limited on 18 October 2010 (Stock code: MC0.SI).
Issued by: Global Logistic Properties Limited
Investor relations & Media Team
Email: investor.relations@glprop.com
Ambika Goel, CFA
SVP- Capital Markets and Investor Relations
Tel: +65 6643 6372
Email: agoel@glprop.com
