Centro secures financing extension
Centro Properties Group has succeeded in gaining much-needed extensions to its financing arrangements, sufficient to carry it through to mid-December.
The company told the Australian Securities Exchange late yesterday that its Australian financiers and US private placement noteholders had agreed to a further extension of facilities until December 15.
The facilities are comprised of $2.3 billion in aggregate owed to the Australian lending group and US$450 million owed to US private placement noteholders.
The company said that as part of these arrangements, Centro and certain of its wholly-owned subsidiaries had provided security by way of fixed and floating charges and some US real estate mortgage to the Australian financiers, US private placement holders and US lenders.
It said that the arrangements were subject to certain conditions including finalisation of an additional liquidity facility and finalisation of certain inter-creditor arrangements between the financiers.
The arrangements involve deadlines of May 30 and September 30 with respect to Centro having fulfilled its undertakings in relation to the additional liquidity facility and other arrangements.
AUTHOR
Mike Taylor
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
