what am i missing

Centro has 845 milliom shares on issue.(#1)

Centro is currently paying interest on borrowed
monies

$3.9 billion dollars needs to be refinanced
before Feb 15 (#2)

An additional $3.4 billion dollars needs to be
refinanced by the end of this year. (#2)

Projected profit this year 40c/share = $338m
(includes provision of 2.7c/share = $22.8m for
extra interest payments) (#2)

(Centro has forecast a $40m bill for sorting out the
company but this is more than offset by the withholding
of dividend payments for this year)

Suppose

a) Someone will lend money at 1% more than Centro
is currently borrowing at:

then extra interest bill is 1% of $7.3b = $73m-$22.8m
=$50.2m

b) as for a) but at 2% higher. Extra interest is then
$146m-$22.8m = $123.2m

c) as for a) but at 3% higher. Extra interest is then
$219m-$22.8m = $196.2m

Projected 2008 profits would then become

a) (1% extra) $338m-$50.2m= $287.8m (34.05c/share)
b) (2% extra) $338m-$123.2m = $214.8m (25.42c/share)
c) (3% extra) $338m-$196.2m = $141.8m (16.78c/share)

With the shareprice currently at ~53c and with even a 3%
rise in interest rates the return (16.78c/53c*100
= 31.66%)looks like really excellent value. If my
analysis is correct then I ask myself why aren't the
shares being snapped up by some big cashed up insto who
would also be prepared to provide the finance and also
make a healthy profit in providing this finance

What Am I missing or what have I got wrong???

P.S. I am not an economist nor a financial advisor so
don t rely on the above information when making your
investment decisions

References
(#1) Etrade CNP printable report
(#2) Centro ASX Release Presentation - Centro Earnings
Revision Refinancing Update 17Dec 2007