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Goodman Property Trust [NZX: GMT], New Zealand's biggest listed property investor, has refinanced $600 million of bank facilities, extending the term to an average three and half years on "competitive new terms."
The Auckland-based company has a total $895 million of debt facilities and bonds. Goodman Property says debt facilities are only partially drawn, retaining over $150 million of additional funding.
"When we refinanced we asked the banks to look at the pricing that they charge us for the debt at the same time, there had been some movements in the pricing in the market so we were able to obtain some lower cost financing," chief financial officer Andy Eakin says.
The actual terms were commercially sensitive. The debt is in four tranches split $150 million apiece with an average term of three and abhalf years. Funding comes from a syndicate of trading banks including ANZ, BNZ, Commonwealth Bank of Australia, Kiwibank and Westpac.