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GMT Extends Banking Syndicate

Thursday, 16 October 2014

Goodman (NZ) Limited, the manager of Goodman Property Trust (“GMT” or “Trust”) is pleased to announce that the banking syndicate providing the Trust’s $600 million debt facility has been extended to include HSBC.

The Trust retains the strong support of ANZ, BNZ, CBA and Westpac each providing $135 million to the syndicated facility, with HSBC providing the balance of $60 million..

Goodman (NZ) Limited's Chief Financial Officer, Andy Eakin, said, “We are extremely pleased to have further diversified our debt facilities by introducing HSBC to our banking syndicate. The new facility also improves the expiry profile of the Trust’s bank debt, extending the term out to 3.5 years.”

A full schedule of the GMT’s debt facilities is provided as an appendix to this announcement.

For further information please contact:

John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316

About Goodman Property Trust:

GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.3 billion, ranking it in the top 15 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group are also the Trust’s largest investor with a cornerstone unitholding of 17.6%.

GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio with a value in excess of $2.0 billion that accommodates around 260 customers. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s, with its debt facilities rated at BBB+.

Appendix: GMT Debt Facilities

GMT is prudently managed with a targeted loan to value ratio of between 35-40%. Its debt facilities are only partially drawn and as at today’s date it has available over $100 million of undrawn facilities.

GMT Debt Facilities Total Facility Facility Remaining
as at (16) October 2014 $ million Expiry Term 
       
Syndicated Facility Tranche A 150.0 Oct-16 2.0 yrs
Syndicated Facility Tranche B
150.0  Oct-17 3.0 yrs
Syndicated Facility Tranche C
150.0 Oct-18 4.0 yrs
Syndicated Facility Tranche D
150.0 Oct-19 5.0 yrs
Bank Debt
600.0   3.5 yrs
2015 Retail Bond 150.0 Jun-15 0.7 yrs
2020 Retail Bond 100.0 Dec-20 6.2 yrs
2017 Wholesale Bond 45.0 Sep-17 2.9 yrs
Bond issuance 295.0   2.9 yrs
GMT total Debt Facilities  895.0   3.3 yrs
 

 

GMT’s bank facility totals $600 million and provides debt funding from a syndicate of banks comprising ANZ, BNZ, CBA, HSBC and Westpac. The facility has four tranches with expiries over the next 2-5 years, with all banks participating in each tranche. The facility has a weighted average term of 3.5 years. 
In addition to the facilities above, GMT has a 50% interest in the Viaduct Corporate Centre Limited (“VCCL”) joint venture. GMT’s proportionate share of VCCL’s debt is $26.0 million, expiring in June 2018. This facility is provided by Westpac.