Macquarie backs Goodman refinancing
Funds manager Goodman Group has signed a new $300 million finance facility underpinned by Macquarie Bank, which it says will be sufficient to repay all 2009 debt expiries.
At the same time, the group announced to the Australian Securities Exchange (ASX) that it was in advanced discussions with its existing lenders to refinance and extend the term of approximately $225 million of debt due to expire in September and December.
It said it was currently in discussions with additional strategic investors regarding potential investments in the group and its underlying funds.
“These discussions may result in an upsizing of the facility and it is contemplated that additional investors would participate on the same terms as Macquarie,” Goodman group chief executive Greg Goodman said.
He said Goodman was pleased with the support provided by Macquarie and that the new facility addressed the group’s immediate debt refinancing and enabled it to execute a range of further capital initiatives.
Goodman said the key focus of the company remained the deleveraging of the business.
AUTHOR
Mike Taylor
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
