Goodman Property meets target for $150M bond sale

Goodman Property meets target for $150M sale of bonds paying 7.75%

Nov. 17 (BusinessWire) – Goodman Property Trust will meet its target of selling $150 million of five-year bonds paying 7.7% interest that will trade on the NZX’s debt market.

The trust’s manager, Goodman (NZ), said it has firm commitments for $150 million – the $100 million it sought to raise plus $50 million in oversubscriptions. The high level of demand means all the bonds were sold to NZX participants and institutional investors and there won’t be a public pool, it said in a statement.

The bonds, which mature in June 2015, have a BBB+ credit rating at Standard & Poor’s.

“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,” said John Dakin, Goodman NZ chief executive. “A successful first issue shows the markets confidence in the Trust and provides a funding alternative for the business.”

(BusinessWire)

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