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GLP issues 1B yuan-denominated bonds

Global Logistic Properties Ltd. issued 1.0 billion worth of five-year, 4.99% yuan-denominated bonds on the Shanghai Stock Exchange and China's interbank market.

Proceeds from the 2.6x oversubscribed issuance of the bonds will be used to repay the company's existing debt and fund expansion in China.

The company said it intends to further issue the bonds depending on financing needs and market conditions.

As of Oct. 16, US$1 was equivalent to 6.59 yuan.