Wednesday 15th December 2021
|Text too small?|
Goodman Property Trust (“GMT” or “Trust”) has priced a new six-year wholesale bond transaction via its wholly owned subsidiary, GMT Bond Issuer Limited. The $200 million of fixed rate bonds will be issued to New Zealand wholesale investors on 20 December 2021. The six-year bonds will pay an interest rate of 3.656% per annum. BNZ was Lead Arranger for the transaction.
The issue is expected to be rated BBB+ by S&P Global Ratings with the proceeds used to repay existing bank debt and provide general corporate funding for GMT, including pre-funding the repayment of the Trust’s $100 million GMB030 retail bond maturing in June 2022.
Andy Eakin, Chief Financial Officer of Goodman (NZ) Limited, said “We’ve taken advantage of very strong demand from local institutions to further diversify our debt book. Achieved at a competitive margin of 1.15%, the new issue adds further tenor to the Trust’s debt facilities.”
For additional flexibility, the Trust has also secured a new short term bank facility with BNZ. The $100 million facility is for a period of 12 months, from 7 December 2021.
Andy Eakin said, “With a weighted average term to expiry of 4.9 years across all its drawn debt, and $590 million of available liquidity following the bond issue, GMT is well placed to take advantage of new investment and development opportunities.”
These capital management initiatives have no material impact on the Trust’s earnings guidance for the current financial year.
Please see the link below for details
No comments yet
4th July 2022 Morning Report
BIF - Acquires shares in Hot Lime Labs
RUA - Cann Group granted TGA GMP for Mildura facility
AFI - Invitation to Results Webcast
PFI Share Buyback Programme to Pause
Greenfern Industries Limited ("GFI") - Late Annual Report
FSF - Monthly Allotment/ Redemption Notice
1st July 2022 Morning Report
General Capital Releases 2022 Annual Report
Fonterra, NZX, EEX confirm GDT strategic partnership