GMT Completes $200 million Wholesale Debt Issuance

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GMT Completes $200 million Wholesale Debt Issuance
Date 27 August 2020
Release Immediate
Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is
pleased to announce that GMT has priced two bond issues to wholesale investors.
A total of $200 million of fixed interest rate bonds has been priced and will issue to New
Zealand wholesale investors on Friday 4 September 2020. The issuance comprises
$150 million of 10 year bonds paying 2.559% per annum, together with $50 million of 8 year
bonds paying 2.262% per annum. Westpac
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was Lead Manager for the transactions.
The issues are expected to be rated BBB+ by S&P Global Ratings with the proceeds used to
repay existing bank debt and provide general corporate funding for GMT, including pre-
funding the repayment of the Trust’s $100 million GMB020 retail bond maturing in
December 2020.
Andy Eakin, Chief Financial Officer of Goodman (NZ) Limited, said “We’ve taken advantage
of historically low interest rates and very strong demand to secure additional long-term
funding for GMT. Achieved at competitive margins, the issuance adds both tenor and further
diversity to the Trust’s debt book.
With a weighted average term to expiry of 5.2 years, and more than $545 million of available
liquidity following this issuance, GMT is well placed to take advantage of new development
and investment opportunities.”
This capital management initiative has no material impact on the Trust’s earnings guidance
for the current financial year.
For further information, please contact:
Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(021) 305 316

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.2 billion, ranking it in the
top 20 of all listed investment vehicles and is the largest listed property investment vehicle. The Manager of the Trust is a subsidiary
of the ASX listed Goodman Group, Goodman Group is also the Trust’s largest investor with a cornerstone unitholding of 21%.
GMT is New Zealand’s leading industrial space provider. It has a substantial property portfolio, with a value of $3.1 billion. The Trust
holds an investment grade credit rating of BBB from Standard & Poor’s with its secured debt rated BBB+.



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Westpac Banking Corporation (ABN 33 007 457 141) (acting through its New Zealand branch)