June 6, 2017 / 11:07 PM / in 4 months

Australian property Goodman completes $1 bln bond exchange offer

SYDNEY, June 7 (Reuters) - Australian property Goodman Group said on Wednesday it completed a $1 billion bond exchange offer with strong support from bondholders.

As part of the transaction, Goodman said it reduced its gearing target to a range between zero and 25 percent, from 25 percent to 35 percent previously.

As a result, its credit rating had been upgraded to BBB plus by S&P Global Ratings and Baa1 by Moody‘s, Goodman said in a statement to the Australian stock exchange. (Reporting by Cecile Lefort; Editing by Richard Pullin)

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