Great news :-)Centro Retail Trust Agrees Stabilisation Plan with...

Great news :-)


Centro Retail Trust Agrees Stabilisation Plan with Financiers
Centro Retail Trust (CER) refers to the announcement made by Centro Properties Group
(Centro) today and confirms that agreement has been reached in principle with CER’s
financiers to achieve a longer term refinancing of facilities of US$1.1 billion associated with
Super LLC (CER’s joint venture with Centro) and Centro Shopping America Trust.
A one month interim extension on CER’s US facilities expiring on 15 December 2008 has
been agreed in order to allow time for the completion of documentation for this longer term
refinancing and stabilisation.
The key terms are as follows:
▪ Facilities of US$1.1 billion will be converted into term loans maturing on 31 December
2010;
▪ An additional facility of US$370 million will be provided to Super LLC by the existing US
lenders. This facility will be used primarily for the repayment of indebtedness and will
provide additional liquidity; and
▪ Centro will provide certain collateral to the Super LLC lenders to secure the release of
Centro guarantees within the Super LLC structure.
While the material terms for a refinancing on the above basis have, in CER’s view, been
substantively agreed in principle between its financiers, no assurance can be given that the
documentation will be completed or that the final terms of any agreement for refinancing will
not be different from those currently contemplated and described above.
CER Chairman Paul Cooper said, “The Board of CER considers that the stabilisation plan
agreed in principle with our financiers provides a positive outcome for securityholders and
significantly increases the longer term equity value of CER’s investment in Super LLC.”
CER CEO Glenn Rufrano said, “By securing facilities for at least the next two years, and
with adequate liquidity for working capital purposes, CER can ensure continued focus on
operations.”
About Centro Retail Trust (ASX: CER)
Centro Retail Trust (CER) is a pure property trust specialising in the ownership of shopping
centres. CER owns retail property investments in Australasia and the US. For more
information, please visit the CER website at centro.com.au/centroretailtrust.