Centro Retail Group
(ASX:CER) says it has repaid in full the Galileo America LLC loan facility related to the Centro Shopping America Trust portfolio.
Centro says previously restricted cash can now flow from the Centro Shopping America Trust to Centro Retail Group.
The company says it repaid the loan using a combination of proceeds from asset sales and existing cash reserves within Centro Shopping America Trust.
Since July 1 2009 Centro has sold seven assets in the U.S. totaling US$97.8 million, with the company’s share being US$93.4 million.
As announced in May 2009, the company says the pay down of this facility to below $50 million enables distributions to flow from the Shopping America Trust to Centro.
Centro says 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 Centro Shopping America Trust to flow from the trust to Centro Retail Group.
Centro Retail Group fell into the red in 2008 after posting profits the two years previous.
