Home / Asia / GLP raises $540m in Asia’s biggest samurai loan

GLP raises $540m in Asia’s biggest samurai loan

TOKYO — Mizuho Bank has organised a yen-denominated syndicated loan of 60 billion yen ($543 million) to Singapore-born logistics comforts provider GLP, a largest nonetheless extended by Japanese lenders to a association elsewhere in Asia.

The Mizuho Financial Group section put a loan together in mid-December as solitary underwriter. It is contributing 20 billion yen, with a remaining 40 billion yen separate among 16 other lenders.

Participants embody informal banks like Gunma Bank, southwestern Japan’s Higo Bank and Ibaraki Prefecture-based Joyo Bank, along with Norinchukin Bank, Shinsei Bank and nonbank lenders.

The financier consortium that bought out GLP and delisted it from a Singapore Exchange in Jan is regulating a loan to refinance a apportionment of a merger cost. GLP was before famous as Global Logistic Properties.

Cross-border syndicated loans by Japanese lenders to non-Japanese borrowers are mostly referred to as samurai loans or ninja loans. Until now, a mobile section of India’s Reliance Industries hold a record in Asia with a 53 million yen loan underwritten by Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corp.

Asian direct for these loans is on a rise because Japan’s ultralow seductiveness rates concede companies to lift income for cheap, even with a cost of converting a income into another currency, afterwards behind to a yen for repayment. Mizuho aims to take advantage of this by underwriting some-more syndicated loans involving Japanese investors.

Article source: https://asia.nikkei.com/Business/Companies/GLP-raises-540m-in-Asia-s-biggest-samurai-loan