Company overview Real-time quote CER.AX , 0.480, +0, +0%) have both have been placed in trading halts ahead of a deadline for an extension on $2.3 billion of debt. Securities in both companies will not be traded until either normal trading begins on 9 May, or an announcement is made. Shopping centre owner Centro Properties was granted a seven-day extension until today to finalise a longer-term extension on $2.3 billion in debt owed to its Australian lenders.
The extension also effectively covers another US$450 million ($474.2 million) in US private placement notes whose holders have agreed to act in line with Australian extension arrangements.
Complicating the matter are two other debt obligations of US$1.3 billion ($1.37 billion) and $US1.2 billion ($1.26 billion) owed by Centro Properties and Centro Retail Trust for their US joint venture.
Those debts were last week refinanced to 30 September but the extensions also were contingent on Centro's $2.3 billion debt due on 30 April being refinanced.
Centro Properties was halted at 47c and Centro Retail halted at 48c
CNP Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held