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
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
