Goodman Property completes debt refinancing programme
By Jason Krupp
Dec. 24 (December) - Goodman Property Trust, the commercial property investor, completed its debt refinancing programme with the renewal and extension of a further $357 million of facilities.
The refinancing includes new terms on Goodman's main $330 million debt facility, with staggered expiries over the next 5 years, and the extension of $27 million of debt funding for its Viaduct Corporate Centre joint venture to February 2015, according to a statement from the trust.
“The Trust has completed a comprehensive refinancing programme over the last 12 months extending the term and diversity of its funding sources," said chairman Keith Smith. "More than $680 million of bank refinancing and bond issuance has been achieved, providing greater flexibility and improved tenor."
Goodman's share of the total refinancing completed this calendar year is $544.5 million, with the remaining debt held by its partners in the Highbrook and Viaduct Corporate Centre developments.
The trust said debt facilities are only partially drawn and it retains about $80.0 million of additional funding capacity, with a loan to value ratio of between 35-40%.
With the exception of its $150 retail bond issued in December last year, all Goodman's funding facilities have been refinanced or renewed during the 2010 calendar year.