Centro Properties Group
(ASX:CNP) says noteholders have agreed to extend five loans worth a total $370 million that mature this month.
The company says around $45 million of the loan will be repaid through proceeds from asset sales with $52 million extended to December 2010, and $273 million extended to December 2011.
The loans are part of 13 commercial property loans that underpin a commercial mortgage backed security program that issued $900 million of notes into the market in December 2006.
Centro CEO Glen Rufrano says the support from CMBS noteholders to extend the facilities demonstrates a degree of renewed confidence from the CMBS market in Australian retail property and quality of centres owned by Centro funds.
Centro Properties Group posted a massive $3.5 billion loss for fiscal 2009.
