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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- In his Editor’s Insight, Nevil Gibson reveals New Zealand has moved up one place world competitiveness
- Political Editor Rob Hosking on the Labour Greens Cuddle up
- G3 CEO Mark Brightwell on the mail company's expansion plans
- In his Editor’s Insight, Nevil Gibson says the economics and politics of Argentina in the 1950s make interesting parallels with today
- Partners Life founder Naomi Ballantyne tells NBR Radio what Blackstone's investment means for the company's IPO plan