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GMT Secures New 5 Year Debt Funding
21 July 2011
GMT Secures New 5 Year Debt Funding
Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”) is pleased to announce further refinancing activity with the renewal and extension of the Trust’s short term bank facility.
The $80.0 million syndicated facility, which was due to expire in October 2011, has been extended out to October 2016 on competitive new terms.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin, said, “Extending the term of this facility from one to five years is a cost effective strategy that improves the expiry profile and overall tenor of the Trust’s debt facilities. Securing this refinancing demonstrates that longer dated bank funding is now accessible and competitively priced for high quality businesses like GMT.”
The average remaining term across all the Trust’s debt facilities is now 3.7 years, compared to 3.4 years at 31 March 2011.
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