GPT has successfully priced a $US325 million ($A403 million) debt issue.
The US Private Placement comprises two tranches, being $US160 million of 12-year notes and $US165 million of 15-year notes. The pricing represents an average margin of 189 basis points over BBSW once swapped back into Australian dollars. GPT CFO Anastasia Clarke said the proceeds will initially be used to repay borrowings under the group’s revolving bank facilities.
She added that the issuance enhances liquidity, diversifies GPT’s sources of capital and extends the group’s weighted average debt maturity profile to approximately 6.9 years.
Australian Property Journal
