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
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
