Goodman Group Completes Issuance of Senior Notes

September 27, 2017

Goodman Group issued $525 million of its 3.700% guaranteed senior notes due 2028, $325 million of its 4.500% guaranteed senior notes due 2037 and €500 million of its 1.375% guaranteed senior notes due 2025. Each offering was conducted in reliance on Rule 144A and Regulation S. S&C represented the joint lead managers for each offering.
The Goodman Group also conducted modified Dutch auction tender offers to repurchase certain of its Rule 144A/Regulation S notes due in 2021 and 2022. The tender offers launched on September 5, and on September 28, Goodman Group repurchased $325 million aggregate amount of its notes due 2021 out of a total $499.5 million outstanding and $220.4 million aggregate amount of its notes due 2022 out of a total $499.9 million outstanding. S&C represented the dealer manager for the tender offers.
On September 21, Goodman Group also repurchased £129 million of its outstanding £250 million 9.75% guaranteed senior notes due 2018, which had been issued outside of the United States pursuant to Regulation S. Those notes were repurchased pursuant to an any and all tender offer that had launched on September 5 and expired on September 18. S&C represented the dealer manager for the tender offer.
The Goodman Group is an integrated property group that develops, owns and manages industrial property and business space in Australia, New Zealand and other parts of the Asia-Pacific region, as well as Continental Europe, the United Kingdom, North America and Brazil. It is one of the largest listed industrial property groups in the world. S&C previously represented the dealer managers on Goodman Group's Section 4(a)(2)/Regulation S debt exchange offer in June and the joint lead managers on Goodman Group's Rule 144A/Regulation S debt offerings in 2010, 2011 and 2012.
The S&C team was led by Waldo Jones, Vanessa Blackmore and Chris Beatty, along with Connor Schillerstrom, Stephanie Glass and Anna Hagan. Jeffrey Hochberg, Eric Wang, Saul Brander, Andrew Thomson, Emma Hardwick, Michael Hogan and David Simins advised on U.S. and U.K. taxation matters. Alan Sinsheimer, Craig Jones, Richard Kahn, Esther Jeapes, Kirsten Rodger, Samantha Breedveld and Samuel Saunders also advised on various stages of the transactions.