GPT has entered into an agreement for the redemption of the Exchangeable Securities owned by GIC. The securities were issued in November 2008 with a face value of $250 million.
The Exchangeable Securities are a perpetual instrument, carry a fixed distribution rate of 10 per cent per annum and are exchangeable into ordinary securities in GPT at a price of $3.883 at the holder's option. In accordance with Australian accounting standards, the securities have been treated as equity for the purposes of GPT's financial statements.
GPT believes that the transaction is in the best interests of securityholders and has been agreed on attractive terms, having regard to the structure of the Exchangeable Securities, GPT’s credit profile and current market conditions.
For further information please download PDF attached:
