9 October 2009 CER US Loan Facility Fully Repaid Centro Retail Trust (CER) today announced the full repayment of the outstanding loan balance for the Galileo America LLC facility related to the Centro Shopping America Trust (CSF) portfolio. Previously restricted cash can now flow from CSF to CER. As at 30 June 2009, CER’s 95% share of the loan balance was US$36.3 million which has been fully repaid utilising a combination of proceeds from assets sales and existing cash reserves within CSF. As announced in May 2009, the paydown of this facility to below US$50 million enabled distributions to flow from CSF to CER. The full repayment of this loan removes the remaining restrictions that existed under this facility including the ability for net proceeds from any future asset sales within CSF to flow from CSF to CER. Since 1 July 2009, CER has sold seven assets in the United States as follows: Property Name Location Mount Houston Square1 Houston, Texas Queen Plaza1 Southington, Connecticut Merchants Exchange1 Marietta, Georgia Bulloch Plaza1 Statesboro, Georgia Springhurst Towne Center1 Louisville, Kentucky Harvest Place2 Stevensville, Michigan Plaza 662 Kenneth City, Florida 195% of asset held by CER outside of Super LLC with remaining 5% ownership interest of asset held by Centro Properties Group (CNP) within Super LLC. 2100% of asset held by CER within Super LLC. The aggregate sale amount of the assets was US$97.8 million with CER’s share being US$93.4 million. After payment of transaction costs, net proceeds have been utilised for debt reduction including repayment of secured property debt and the CSF facility referred to
CER Price at posting:
20.0¢ Sentiment: LT Buy Disclosure: Held
