Kiwibank Ltd has pulled out of the 5-bank syndicate that provides Goodman Property Trust’s $600 million main debt facility.
Kiwibank entered the syndicate 5 years ago and was a minor participant, providing $30 million of debt capacity.
Andy Eakin, chief financial officer of trust manager Goodman (NZ) Ltd, said on Friday the facility would stay at $600 million and that ANZ, BNZ, Commonwealth Bank of Australia & Westpac would increase their funding to $150 million each.
Mr Eakins said: “‘Kiwibank have been a very supportive lending partner to the trust, committing to the business at a time when global credit markets were stressed and corporate lending was difficult to secure. They have helped fund the growth of our business, providing $30 million of debt capacity.”
Attribution: Company release.