Support our sponsors:

NZX 50 Index	4611.96	2.40
S&P/ASX 200	5191.20	0.00
Dow Jones Industrials	14839.80	21.00

Twitter

Facebook

RSS

Goodman Property raises $45m in private debt issue

Tuesday 7th September 2010

Text too small?

Goodman Property Trust, which recently had one of its managers poached by rival AMP NZ Office Trust, has raised $45 million through a private debt issue.

The seven-year bonds will pay 7.58% per annum, and are rated BBB+ Standard & Poor’s. The proceeds will be used to repay bank debt and diversify the trust’s funding sources.

Goodman Property raised $150 million in December to pay down bank debt, and as at March 31, the listed property investor had cut its banking facility to $280.1 million from $433.3 million a year earlier, according to its annual report. Still, total group borrowings were at $547.1 million, down from $549.4 million in 2009.

The bond issue, which was managed by ANZ National Bank, isn’t expected to have a material impact on operating earnings.

The placement was in response to an inquiry from wholesale investors.

Shares in the listed property trust rose 1.1% to 96 cents, and have dropped 12% this year.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.