Centro scrapes through
Centro Properties Group (Centro) has confirmed the extension of its financing arrangements from its lenders after missing the May 30 deadline.
Centro said obligations of $2.3 billion owed to its Australian lending group and US$450 million owed to US private placement noteholders have been extended to December 15, 2008.
Additional liquidity facilities and other support totalling approximately $100 million have also been arranged with Australian financiers and US loan holders.
Centro now has an aggregate of approximately $155 million in liquidity facilities, which will be used to fund adviser fees, higher borrowing costs incurred as a result of the extension arrangements, and capital expenditure.
The extension remains subject to certain conditions, including the satisfaction of Australian financiers and US noteholders regarding Centro’s progress in implementing its strategic plan.
A further agreement must be reached by September 30, 2008, on the terms of which assets can be sold and the proceeds of sales after that date.
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