Centro NP solicits consents for six series of notes, looks to add put

By Jennifer Chiou

New York, Sept. 16 - Centro NP LLC announced the start of a consent solicitation for the following notes:

• $10 million of 7.97% senior notes due 2026;

• $25 million of 7.65% senior notes due 2026;

• $10 million of 7.68% senior notes due 2026 (Cusip 64806Q AF1);

• $10 million of 7.68% senior notes due 2026 (Cusip 64806Q AG9);

• $25 million of 6.9% senior notes due 2028 (Cusip 64806Q AK0); and

• $25 million of 6.9% senior notes due 2026 (Cusip 64806Q AL8).

The company is seeking consent from holders to:

• Add a put repurchase right that will require it to offer to repurchase the notes at par plus accrued interest on Jan. 15, 2014;

• Modify some defined terms and covenants to create a method of calculating the company's debt incurrence ratios that is uniform with the other series of issued notes; and

• Change the financial reporting covenant in the indenture to make it consistent with the other series of notes, which would permit Centro to discontinue filing annual or other reports with the Securities and Exchange Commission and instead deliver substantially the same kind of information to the trustee under the indenture.

For each $1,000 principal amount, the company said it will pay a consent fee of $35.

The solicitation ends at 5 p.m. ET on Sept. 29.

Bank of America Merrill Lynch is the solicitation agent (888 292-0070 or call collect 980 388-4603). Global Bondholder Services Corp. is the information agent (866 470-4200 or call collect 212 430-3774).

Centro is a New York-based real estate company.

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