Deals
Centro Swaps Australia Malls for Debt After Blackstone Deal
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Centro Properties Group has agreed with a majority of creditors to swap debt for its Australian shopping centers after Blackstone Group LP bought the company’s 588 U.S. malls for $9.4 billion.
Holders of about 73 percent of Centro’s liabilities agreed to cancel the Melbourne-based company’s senior debt in exchange for the Australian malls. Centro, which had a stock market value of about A$8.5 billion ($8.7 billion) in May 2007, will be left with $100 million to distribute to shareholders and other minority interests after the deal, it said in a statement today.