GOODMAN PROPERTY TRUST GMT Bond Issuer Limited Launches Offer of Goodman+Bonds | |
Date | 18 May 2017 |
Release | Immediate |
The offer will be made pursuant to the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. The notice required by the Financial Conduct Regulations 2014 has been provided to NZX.
The full details of the offer are contained in the terms sheet attached.
The Goodman+Bonds will have a maturity date of 31 May 2024 and are expected to be quoted on the NZX Debt Market. They are expected to have an investment grade issue credit rating of BBB+ from Standard & Poor's. GMT's current corporate credit rating is BBB.
The indicative issue margin range is 1.55% p.a. - 1.70% p.a. The issue margin and interest rate for the Goodman+Bonds will be set following a bookbuild process on 26 May 2017 and announced via NZX shortly thereafter. The offer will close on 26 May 2017 following the bookbuild process, with the Goodman+Bonds expected to be issued on 31 May 2017.
Interest will be paid on the Goodman+Bonds semi-annually in arrears with the first interest payment to be made on 30 November 2017.
Investors interested in the offer should contact any of the Joint Lead Managers, or Co- Managers listed below, or their usual financial adviser, to obtain details as to how Goodman+Bonds may be acquired. There will be no public pool for the Goodman+Bonds.
For further information please contact: Joint Lead Managers BNZ 0800 284 017
Westpac Banking Corporation (acting through its New Zealand branch) 0800 942 822
Co-ManagersDeutsche Craigs Limited 0800 226 263
First NZ Capital Securities Limited 0800 005 678
Forsyth Barr Limited 0800 367 227
About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.6 billion, ranking it in the top 20 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group are also the Trust's largest investor with a cornerstone unitholding of 21%.
GMT is New Zealand's leading industrial and business space provider. It has a substantial property portfolio with a value in excess of $2.4 billion that accommodates around 240 customers. The Trust holds an investment grade credit rating of BBB from Standard & Poor's.
John Dakin Andy Eakin
Chief Executive Officer Chief Financial Officer
Goodman (NZ) Limited Goodman (NZ) Limited
(09) 375 6063 (09) 375 6077
(021) 321 541 (021) 305 316
Goodman+Bonds Terms Sheet dated 18 May 2017 Seven year secured retail bonds due 31 May 202418 May 2017 This terms sheet (Terms Sheet) sets out the key terms of the offer by GMT Bond Issuer Limited (Issuer) of up to $75,000,000 (with the ability to accept oversubscriptions of up to a further $25,000,000 at the Issuer's discretion) of fixed rate secured bonds maturing on 31 May 2024 (Goodman+Bonds) under its bond master trust deed dated 6 November 2009 (as amended from time to time) as modified and supplemented by the bond supplemental trust deed dated 18 May 2017 entered into between the Issuer and Public Trust (Bond Trustee) (together, Bond Trust Documents). Important notice The offer of debt securities by the Issuer is made in reliance upon the exclusion in clause 19 of schedule 1 of the Financial Markets Conduct Act 2013 (FMCA). The offer contained in this Terms Sheet is an offer of bonds that have identical rights, privileges, limitations and conditions (except for the interest rate and maturity date) as the Issuer's:
(the GMB020 Bonds and the GMB030 Bonds, together the Existing Bonds). The Goodman+Bonds are of the same class as the Existing Bonds for the purposes of the FMCA and the Financial Markets Conduct Regulations 2014 (FMC Regulations). The Issuer is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited (NZX) for the purpose of that information being made available to participants in the market and that information can be found by visiting www.nzx.com/companies/GMB. The Existing Bonds are the only debt securities of the Issuer that are in the same class as the Goodman+Bonds and are currently quoted. Investors should look to the market price of the GMB020 Bonds and GMB030 Bonds referred to above to find out how the market assesses the returns and risk premium for those bonds. | |
Issuer | GMT Bond Issuer Limited, a wholly owned subsidiary of Goodman Property Trust (GMT). |
Manager | Goodman (NZ) Limited, as manager of GMT |
Description | The Goodman+Bonds are fixed rate, senior secured bonds of the Issuer, and are guaranteed by GMT. |
Purpose | The Issuer will on-lend the proceeds of the offer to GMT by way of an interest bearing loan. GMT will use the funds, after paying the costs of the issue, for general corporate purposes and to repay borrowings under GMT's bank facility. GMT will pay interest to the Issuer to enable the Issuer to pay interest on the Goodman+Bonds to holders of the Goodman+Bonds (Bondholders). |
Amount | Up to $75,000,000 with the ability to accept oversubscriptions of up to a further $25,000,000 at the Issuer's discretion |
Opening Date | 18 May 2017 |
Closing Date | 26 May 2017 |
Rate Set Date | 26 May 2017 |
Issue / Allotment Date | 31 May 2017 |
Maturity Date | 31 May 2024 |
Security | Each GMT Group Company (as defined below), including the Issuer, has granted security in favour of NZGT (GMT) Security Trustee Limited (Security Trustee), including mortgages over real property and |
Goodman Property Trust published this content on 18 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 May 2017 23:18:20 UTC.
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