GFF
02/10/2014 09:04
GENERAL
REL: 0904 HRS Goodman Fielder Limited
GENERAL: GFF: Goodman Fielder Successfully Refinances New Zealand Debt
o NZX listed bonds to be redeemed for $NZ1.01 cash on 24 October 2014 plus
accrued interest
o Refinances NZ bonds with NZ$250m 3-year bank debt facility
o Debt maturity profile extended with new facility
Goodman Fielder today announced that it has extended its debt maturity
profile with a successful debt refinancing programme in New Zealand.
As part of the refinancing, all of the fixed rate bonds (NZ$250 million)
issued by Goodman Fielder New Zealand Limited on 22 November 2010 with a
maturity date of 16 May 2016 ("NZ bonds") will be redeemed early for cash and
refinanced with bank debt.
On 24 October 2014 Goodman Fielder will redeem for cash all the NZ bonds held
by bondholders appearing on the register at 5.00pm on the record date of 17
October 2014.
Under the redemption, each NZ bond will be redeemed for NZ$1.01 (which is the
volume weighted average price of the NZ bonds (rounded to the nearest full
cent) for the 10 trading days on NZDX prior to the 20th business day before
the redemption date of 24 October 2014), plus accrued interest. The
redemption price has been calculated in accordance with the Trust Deed for
the NZ bonds dated 14 October 2010.
The NZ bonds will cease trading at 5.00pm on 14 October 2014 to allow all
trades to settle before the record date.
Goodman Fielder also announced that it has successfully refinanced the NZ
bonds with a three-year bank debt facility of NZ$250 million maturing in
October 2017, which can be drawn in A$ or NZ$.
"We were pleased with the strong level of support from our banking partners
in providing this new facility," said Goodman Fielder managing director,
Chris Delaney.
"This refinancing has extended the maturity of our debt profile. Meanwhile,
the refinancing will reduce our net interest expense in FY16."
Written notice of Goodman Fielder's decision to redeem the NZ bonds is
expected to be sent to NZ bondholders tomorrow. Goodman Fielder has also
requested that Goodman Fielder New Zealand Limited cease to be listed on the
NZDX following redemption of the NZ bonds.
For further information contact:
Martin Cole
Director, Corporate Affairs
+61 2 8899 7272
End CA:00256001 For:GFF Type:GENERAL Time:2014-10-02 09:04:50
