Global Logistic Properties (GLP) has mandated banks to manage a proposed offering of Singapore dollar-denominated perpetual capital securities, the company said in a statement on Friday.
The property group has appointed JP Morgan as global coordinator, while JP Morgan, Citigroup, Goldman Sachs, and DBS Bank will be joint bookrunners and joint lead managers, GLP said.
Fitch Ratings has assigned an expected ‘BBB-(exp)’ rating on the securities, Reuters reported on Friday.
The proposed transaction is expected to be launched, subject to market conditions, following investor meetings in Singapore and Hong Kong next week.
GLP did not disclose the size of the proposed offering, but said that proceeds will be used for general corporate funding purposes.
Source : Today – 25 Nov 2011