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Goodman Property Trust Bond Receives Commitments

Goodman (NZ) Limited (“GNZ”), manager of Goodman Property Trust (“GMT” or “Trust”), has received broker firm commitments of $150 million in its corporate bond issue.

GNZ was seeking to raise $100 million with rights to accept an additional $50 million in oversubscriptions. The high level of demand means the entire offer of $150 million has been allocated to NZX participants and institutional investors.

Standard & Poor’s has assigned an investment grade credit rating of BBB+ to the issue and the minimum interest rate has been set at 7.75% per annum. Goodman+Bonds have a 5 year term maturing in June 2015 with interest paid six monthly. The Bonds will be listed on the NZDX to facilitate trading.

John Dakin Chief Executive Officer of Goodman NZ said, “The BBB+ credit rating from Standard & Poor’s and the quality of the Trust’s assets have been reflected in the strong level of investor demand. A successful first issue shows the markets confidence in the Trust and provides a funding alternative for the business.”

Investors interested in the offer should contact their sharebroker, financial adviser or any approved firm that has received a broker firm allocation of Bonds. There will be no public pool.

The issuer of the Goodman+Bonds is GMT Bond Issuer Limited. Goodman+Bonds will be direct, secured unsubordinated debt obligations of GMT Bond Issuer Limited. The security is first ranking security over certain real estate assets of GMT and its subsidiaries and is shared with the banks party to GMT's main banking facility (and other approved security beneficiaries from time to time) on an equally ranking basis.

The minimum holding in respect of the bonds is $5,000 and multiples of $1,000 thereafter. Application has been made to NZX for permission to list Goodman+Bonds and all the requirements of NZX relating thereto that can be complied with on or before the date of distribution of this announcement have been duly complied with. However, Goodman+Bonds have not yet been approved for trading and NZX accepts no responsibility for any statement in this announcement. NZX is a registered exchange under the Securities Markets Act 1988.


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