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01 Mar 2011
Approximately $550 Million of Debt Securities Affected.
New York, March 01, 2011 -- Moody's Investors Service has placed the senior unsecured debt ratings
(Caa2) of Centro NP LLC (formerly New Plan Excel Realty Trust, Inc.)
on review direction uncertain after Centro Properties Group announced
on March 1, 2011 its entrance into a binding stock purchase agreement
with BRE Retail Holdings, Inc, an affiliate of Blackstone
Real Estate Partners VI, L.P. The agreement contemplates
the sale of all of its US assets and platform for an enterprise value
of approximately US$9.4 billion. The review of Centro
NP's rating reflects the uncertainties associated with the ultimate
transaction structure and status of the unsecured bonds.
Moody's review will focus on the progress and consummation of the proposed
acquisition, the ultimate capital structure, and the resulting
corporate and legal structure. The sale is expected to close the
middle of 2011.
Centro NP completed a stabilization plan in July 2010, which included
a $659 million CMBS issuance used to pay down approximately $469
million of Centro NP debt and the extension of $2.3 billion
of debt ($1.7 billion Super LLC bridge term loan and $580
million of Residual JV indebtedness) from December 2010 to December 2011.
Residual LLC is 51% owned by Super LLC and 49% owned by
Centro NP. Moody's notes improvements in Centro NP's metrics such
as cash flow (Recurring EBITDA/Revenues) of 56.3% at 3Q10
from 48% at YE09, and fixed charge coverage of 2.1x
at 3Q10 from 1.7x at YE09, partially attributable to lower
interest expense due to bond tenders in 2009, mortgage payoffs,
and lower capitalized interest resulting from reduced capital expenditures.
The last rating action with respect to Centro NP was on October 19,
2010 when Moody's affirmed Centro NP's senior unsecured rating at Caa2
with a negative outlook.
The following ratings were placed under review direction uncertain:
Centro NP LLC -- Senior unsecured debt at Caa2; medium-term
notes at Caa2.
Centro NP LLC, headquartered in New York City, owns and operates
community and neighborhood shopping centers. The company had assets
of $3.3 billion and equity of $1.4 billion
at September 30, 2010.
The principal methodology used in this rating was the Global Rating Methodology
for REITs and Other Commercial Property Firms published in July 2010.
Centro Properties Group (AXP: CNP), headquartered in Melbourne,
Victoria, Australia, is an Australian Listed Property Trust
that specializes in the ownership, management and development of
retail shopping centers in Australia, New Zealand and the USA.
At December 31, 2010, CNP had total assets of A$15.1
Merrie S. Frankel
VP - Senior Credit Officer
Commercial Real Estate Finance
Moody's Investors Service
Commercial Real Estate Finance
Moody's Investors Service
Moody's Investors Service
Moody's places Centro NP LLC on review direction uncertain
250 Greenwich Street
New York, NY 10007
No Related Data.
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