Shopping centre owner Macquarie Countrywide Trust has pushed out the maturity date on its $250min debt by 12 months to February 2012.

Under the new terms agreed with its principal lender, its tangible net worth covenant has been reduced to $1.5bn from $1.8bn.

At September 30, 2008, Macquarie Countrywide's tangible net worth was $2.6bn. The higher cost of funds would reduce the full-year earnings per unit by 0.3c.

The trust's chief executive officer Stephen Sewell said the trust's debt structure "had greatly improved", following the agreement on new terms for its debt facility.

The Australian