Goodman (NZ) Limited, the manager of Goodman Property Trust (“GMT” or “Trust”) is pleased to announce that the Trust’s bank facilities have been consolidated and refinanced.
The debt restructuring and refinancing, amalgamating three previous standalone facilities, increases the size of Trust’s main bank facility to $600 million and extends the tenor of its total debt facilities out to 3.2 years.
The new expanded facility incorporates market leading terms and highly competitive pricing.
Goodman (NZ) Limited's Chief Financial Officer, Andy Eakin, said, “One of the benefits of the Highbrook acquisitions undertaken in December 2012 was the greater flexibility it provided in managing the Trust’s sources of capital. We are extremely pleased with the significant savings that have been achieved by consolidating the debt of the Highbrook and Show Place investments.”
Attachments provided to NZX:
Attachments: Appendix A – GMT Debt Expiry Profile
Appendix A
GMT Debt Expiry Profile
GMT is prudently managed with a targeted loan to value ratio of between 35-40%. Its debt facilities are only partially drawn and it retains over $100 million of additional funding capacity.
| GMT Debt Expiry Profile | Total Facility | GMT Share | Facility | Remaining |
|---|---|---|---|---|
| as at 31 March 2013 | $ million | $ million | Expiry | Term |
| GMT Facility Tranche A |
125.0 | 125.0 | Oct-14 | 1.5 yrs |
| GMT Facility Tranche B | 200.0 | 200.0 | Apr-16 | 3.0 yrs |
| GMT Facility Tranche C | 100.0 | 100.0 | Oct-16 | 3.6 yrs |
| GMT Facility Tranche D | 175.0 | 175.0 | Apr-18 | 5.0 yrs |
| Viaduct Corporate Centre | 52.0 | 26.0 | Dec-16 | 3.8 yrs |
| Bank Facilities | 652.0 | 626.0 | 3.4 yrs | |
| GMT Retail Bond |
150.0 | 150.0 | Jun-15 | 2.2 yrs |
| GMT Wholesale Bond |
45.0 | 45.0 | Sep-17 | 4.5 yrs |
| Total Bond Issuance | 195.0 | 195.0 | 2.7 yrs | |
Total Debt Facilities |
847.0 | 821.0 | 3.2 yrs |
| 52.0 |
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