GMT Bond Issuer Limited Analysis

Overview

Sponsored by Colonial Ltd, the Trust made a public offering of 145m units in May 1999 at $1 per unit. A total of 45m units were subscribed for by members of the Colonial Group (CML and Prudential) with the balance of 100m units offered to the public. The trust's property portfolio of properties comprised a mix of commercial office, industrial and retail properties situated in CBD, fringe CBD, suburban office and industrial park locations - in Auckland, Wellington and Christchurch. Ten of the properties in the portfolio were provided from within the Colonial group, and management of the trust rested with subsidiary Colonial First State Property (NZ).

On 23 December 2003, Macquarie Goodman Management Ltd (MGM) became the manager of following its acquisition of the management company of MGP from Colonial First State Property for $5.7m. It also acquired a 20% stake in MGP for $27.6m from Sovereign.

In March 2004, unitholders agreed to pool MGP's core properties with the Macquarie Goodman Industrial Trust's properties under a co-ownership arrangement. In March 2005 it agreed to acquire a portfolio of assets from Macquarie Goodman Group for $304m.

In November 2007 shareholders approved plans to purchase a 50% holding in Auckland's Highbrook Business Park, and to raise $275m in new equity through the issue of shares at $1.43 each.

In January 2009, in a move to confirm confidence for GMT, the company completed its debt refinancing programme with the renewal of over $900 million of debt funding facilities. The level of debt within the portfolio now equates to 31.4% of property assets and rises to 33.5% when all current commitments are included. Still only partly drawn, GMT's debt facilities will provide over $200 million in additional funding capacity.

On the 16 December 2009, GMT Bond Issuer Limited released their quotation notice for their sercured, unsubordinated Goodman+Bonds. The bonds will be traded under the code GMB010. The offer was for 100,000,000 bonds with the option to accept a further 50,000,000 bonds, the issue price is $1.00 per bond.

The first interest payment will be paid on 19 December 2009. Thereafter payments will be made Semi-annually on the 19 June and 19 December each year.

The interest rate is 7.75% per annum.

Minimum holdings is 5000 and then in multiples of 1000 thereafter.

Performance

The following information was extracted from GMT Bond Issuer Limited's full year, released on 28 May 2024:

GMT Bond Issuer Limited received $25.6 million of interest income (FY23 $28.8 million) and incurred $25.6 million of interest expense (FY23 $28.8 million).

The decrease on the previous year reflects the impact of the GMB050 maturity in September 2023.

S&P Global Ratings has rated all Goodman+Bonds and Green Bonds at BBB+.