Debt-laden Centro Properties Group has completed a long-term refinancing agreement with its lenders.

Centro said the agreement includes a three-year extension on the $3.9bn dollars senior syndicated debt facility.

In recent trading, securities in Centro were up two cents, or 17%, at 14 cents in heavy trade. Securities in Centro's retail property investment unit, Centro Retail Trust, fell half a cent to 10.5 cents.

'The three-year debt stabilisation agreement achieves our objective of securing the long-term viability of the group, and will have the effect of maximising cash flow through the restructuring of our debt arrangements and minimising asset sale requirements,' chief executive Glenn Rufrano said in a statement.

The Age