Centro has responded to market speculation it may be insolvent, saying it is comfortable about the ongoing viability of its business.
In a market update Centro says neither it nor any of its managed funds are in breach of lending covenants.
The property group has also said it is under no obligation to sell any of its assets, only that it looking at options for debt refinancing.
As a result, shares have staged a big rally, after losing around 85 per cent of their value earlier in the week.
source : Sky News via Google Finance
bourse de Sydney
Chute spectaculaire de 76% de Centro, nouvelle victime du "subprime"
Le propriétaire australien de centres commerciaux aux Etats-Unis, Centro, a annoncé ce lundi avoir des difficultés pour refinancer une dette de 776 millions d'euros en raison de la crise du "subprime". Le groupe a révisé à la baisse sa prévision de dividende pour 2008 et pourrait se lancer dans une restructuration. Ces annonces ont entraîné une chute du titre de plus de 76% à la Bourse de Sydney.
Après l'établissement australien de prêts immobiliers RAMS en août, c'est au tour de Centro d'être pris dans la tourmente du "subprime". Le propriétaire australien de centres commerciaux aux Etats-Unis a fait état ce lundi de difficultés dans le refinancement d'une dette de 1,3 milliard de dollars australiens (776 millions d'euros) du fait de la crise du crédit. Cette annonce a provoqué la chute libre du titre, qui a plongé de 76,14% à 1,36 dollar australien ce lundi à la Bourse de Sydney, pesant sur l'indice vedette, qui a fini en repli de 3,52%.
Cinquième acteur du secteur aux Etats-Unis, Centro peine à rembourser le prêt relais qu'il avait contracté en début d'année lors de son acquisition de New Plan Excel Realty Trust pour 3,4 milliards de dollars. Le groupe a ainsi révisé à la baisse sa prévision de dividende pour l'exercice 2008 de 14%, deux mois après avoir confirmé sa précédente prévision. Du coup, Centro pourrait même se lancer dans une restructuration complète, soit par des cessions d'actifs, soit en gonflant ses capitaux propres.
Autre mauvaise nouvelle : le groupe, qui détient un portefeuille d'actifs d'une valeur de 26,6 milliards de dollars australiens, aux Etats-Unis mais également en Australie et en Nouvelle-Zélande, a également annoncé la suspension de deux de ses fonds, Centro Direct Property Fund et Centro Direct Property Fund International.
Centro squeezed by credit crunch
17/12/2007 By: Niraj Shah
Centro Properties Group (CNP) has cut its forecast distribution per unit for 2008 due to higher financing costs, sending the company’s shares almost 70% lower. The Australian property trust cut its distribution forecast to 40.6c per security from a previously forecast 47c per unit and said it is considering asset sales, joint ventures and equity injections. | |
Shaw Stockbroking’s head of industrial research, Scott Marshall, said investors were clearly taken aback by the announcement.
“The market was clearly surprised by the extent of the problem and is concerned about the ongoing survival of the business,” he said.
Centro requires long term debt refinancing of $1.3 billion and has interests in joint venture debt refinancing of $1.4 billion
"Recent turbulence in international credit markets, in particular in the US, has resulted in a tougher environment in raising debt and refinancing existing debt facilities that are maturing," the company said.
Centro said that over the past months, it has been in discussions with its debt providers on the refinancing of maturing debt facilities.
“Tightened credit conditions have had the effect that negotiation of a comprehensive refinancing package of short term facilities has not yet been finalised,” the company said.
With regards to financing that matures in December 2007, Centro said that it has been subject to a liquidity crunch due to current market conditions but that it has been able to agree to an extension of these facilities until February 2008.
"In addition, US joint venture facilities have also been similarly extended," it added.
Centro said it might sell assets and investigate joint ventures and equity injections as part of a complete review of its structure.
"The restructure and refinancing is forecast to incur a one-off cost of $40 million," which will be excluded from operating distributable profit forecast for this fiscal year,” the company said.
Centro said capital expenditure restrictions under the terms of the financing extension would restrict it from pursuing some of its growth plans in the United States, which had been expected to generate higher earnings.
At 1129 AEDT shares in Centro Properties had tumbled $3.97 to trade at $1.74.
source : egoli.com
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