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.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.