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
New York-based firm CC Capital has bumped up its offer to stay ahead of rival bidder Bain Capital.
In a tight race against Morgans, AMP Financial Planning has won back its position as the largest individual licensee in Australia, according to Wealth Data.
Learning to delegate authority and relinquish a hands-on approach is a critical step towards building a self-sustaining financial advice practice, says Assured Support.
Private wealth management company Stellan Capital has appointed a new chief executive, who brings over three decades of experience in the global financial services industry.
