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Centro completes debt refinancing deal

Centro completes debt refinancing deal

Centro Properties Group, a shopping mall operator struggling through the global credit crunch, said Friday it has completed a long term refinancing agreement with Australian and U.S. lenders on about 4 billion Australian dollars ($2.6 billion) of debt.
The deal includes a three-year extension on AU$3.9 billion ($2.6 billion) on the senior syndicated debt facility, a AU$1 billion ($700 million) hybrid security to improve cash flow servicing and AU$35 million ($23 million) in fresh liquidity to help cash flow, the company said in a statement.
It also includes an extension of debt facilities within Centro's U.S. joint venture, Super LLC, and the removing of exiting lending guarantees to Super LLC.
"The three year debt stabilization agreement achieves our objective of security long term viability of the group," said Centro chief executive Glenn Rufrano in the statement, which was filed with the Australian Securities Exchange.
Centro shares, which had been in a trading halt since Thursday pending an announcement, surged on the news by more than 37 percent to AU$0.16.
Centro is Australia's second-largest shopping mall owner after Westfield Group, with more than AU$8.5 billion of syndicated funds under management.


Updated : 2021-05-07 22:21 GMT+08:00