This article is from the Australian Property Journal archive
GOODMAN Group has suspended its distribution reinvestment plan for the June quarter and at the same time has successfully priced a £250 million ($A520 million) debt issue.
Last Friday, GMG said the DRP for the June quarter has been suspended and will not be in operation as had been previously advised.
Meanwhile, the group has priced a £250 million ($A520 million) debt issue under its Euro Medium Term Note programme which it put in place in November 2007.
The issue was backed by institutional investors and was arranged by Royal Bank of Scotland, BNP Paribas and HSBC. The 10 year senior unsecured notes were priced at a fixed coupon of 9.75% per annum.
With the EMTN issue, the group currently has in excess of $A1.1 billion of available debt capacity by which to meet its financial obligations and for working capital for its core business.
GMG’s share price closed 21 cents lower at $3.15.
Australian Property Journal
