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 launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
