re: Ann: CER - Centro Retail Trust Market Upd...
This may help.
8 December 2010 Centro Refinancing Update, Half Year Profit Guidance and Distribution Centro and CER Enter into Joint Venture with Inland American Centro NP Residual Holding LLC (a subsidiary of Super LLC, which is jointly owned by Centro Properties Group (Centro), Centro Retail Trust (CER) and CMCS40), has sold a portion of its interest in 25 shopping centres to, and entered into a joint venture in respect of those shopping centres with, Inland American CP Investment, LLC, a wholly owned subsidiary of Inland American Real Estate Trust Inc (Inland American). The new joint venture has secured US$310 million of term loans with J.P. Morgan and Goldman Sachs which mature in ten years. These loans are secured by assets within the joint venture. Proceeds from the sale of the shopping centre interests and new term loans will be utilised to fully repay approximately US$424 million of Centro NP Residual LLC debt which was to mature on 9 December 2010.
CER Price at posting:
23.0¢ Sentiment: Hold Disclosure: Held
