CentroGroup, the Australian property trust seeking to refinance A$4.9 billion ($4.5 billion) of debt, had its biggest three-day gain since January in Sydney trading after a unit was released from a $450 million bond guarantee.
CentroGroup no longer has to guarantee bonds sold by Centro Properties after the companies met a deadline today to provide "necessary documentation" to the U.S. holders of the notes, the two Melbourne-based trusts said today in a statement to the Australian Stock Exchange.
"It's just one minor hurdle they've got over the top of, but there's many more that lie ahead," said Jamie Spiteri, a senior dealer at Shaw Stockbroking Ltd. in Sydney. "There's a lot more to be successfully negotiated going forward for Centro."
Previous Centro Posts:
- Feb. 29, 2008, Report: Blackstone, GE, Mulpha, Mirvac Bidding for Centro.
- Feb. 28, 2008, Centro Shares Surge
- Feb. 15, 2008, Centro Wins Extension
- Jan. 15, 2008, Scott Out, Rufrano In at Centro
- Jan. 10, 2008, Daily Centro Update
- Jan. 9, 2008, UBS Cuts Stake in Centro
- Jan. 3, 2008, Centro: Morgan Stanley, Westfield Have Approached Firm
- Jan. 2, 2008, Centro Says Its Getting Offers
- Dec. 18, 2007, Another Round of Centro Coverage
- Dec. 17, 2007, Centro Hit by Credit Crunch
- May, 10, 2007, Centro's Structure
- Feb. 28, 2007, Centro To Buy New Plan