Goodman Property Trust Bond Offer
- NZIJ Dispatch - 10 November 2009
Minimum rate has been set at 7.75% p.a. and margin set at 2.00%.
Goodman Property Trust - Senior Secured Bond Issue
Issuer: GMT Bond Issuer Limited, a wholly-owned subsidiary of Goodman PropertyTrust ("GMT").
Guarantor: Goodman Property Trust
Security: Senior secured obligations, secured by first ranking security overall directly held real estate assets of Goodman Property Trust(approximate value of $1.14 billion at 30 September 2009), shared withthe banks under Goodman Property Trust's senior secured credit facility.
Rating: BBB+ from Standard & Poors
Issue size: $100 million (with up to $50 million ofover subscriptions)
Maturity Date: 19 June 2015
Indicative rate: Minimum Interest Rate has been set at 7.75%p.a. and the margin over swap rate has been set at 2.00%. The actual interest rate will be the greater of (a) the Minimum Interest Rate, and (b) the aggregate of the Margin and the wholesale swap interst rate on the day before the Issue Date
Minimum holding: $5,000 with mulitples of $1,000.
Interest Payments: Semi-annual
Issue Opens: Monday 16 November
Issue Closes: Thursday 10 December
The final interest rate will be the higher of 7.75%p.a and the wholesale swap rate on the day before the Issue plus 2%. The final interest rate will be advised to the market on 14 December 2009.
The proceeds of the offer will be used by GMT to repay bank borrowings, diversifying its sources of debt funding and extending the average term of its debt facilities.Full details of the offer are contained in the Investment Statement which you can download here and read.
Again, please
let NZIJ know if you are interested in this issue and how much you might be likely to invest.
Important: All applications must come back through NZIJ.
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