Business
Results of offering
Results of offering.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n Plaza Centers N.V.\n05 July 2007\n\n5 July, 2007\n\n\n PLAZA CENTERS N.V. ANNOUNCES RESULTS OF A\n PRIVATE ISSUANCE OF DEBENTURES IN ISRAEL\n\n\nPlaza Centers N.V. ('Plaza' or the 'Company'), a leading emerging markets\nproperty developer, today announces that it has agreed with Israeli\ninstitutional investors to issue an aggregate principal amount of approximately\nNew Israeli Shekels ('NIS') 305 million (approximately €53.3 million) Par Value\nof series one of unsecured non-convertible debentures to institutional investors\nin Israel. The debentures are rated by Maalot - The Israel Securities Rating\nCompany Ltd., an affiliate of Standard & Poor's - at a local rating of A+/\nPositive.\n\n\n\nThe debentures are payable in eight equal annual installments, on December 31 of\neach of the years 2010 to 2017, inclusive. The debentures bear an annual\ninterest rate of 4.5%, payable in semi-annual installments on December 31 and\nJuly 1 of each of the years 2007 to 2017 (the first installment to be effected\non December 31, 2007 and the last installment to be effected on December 31,\n2017). Both the principal and interest of the debentures are linked to changes\nin the Israeli Consumer Price Index. As described more fully below, the interest\nrate on the Debentures will be increased so long as the debentures are not\nregistered for trade on the Tel Aviv Stock Exchange (the 'TASE').\n\n\nAs the Company's functional currency is the Euro, the Company will hedge the\nfuture expected payments in NIS (principal and interest) to correlate with the\nEuro.\n\n\nThe debentures also provide that the debentures will be prepaid by the Company,\ninter alia, at the option of the trustee or the holders of the debentures if the\nCompany delays the publication of its financial reports for more than 60 days\nfrom the dates provided by applicable law or if the debentures cease to be rated\nfor a period of more than 60 days.\n\n\nThe debentures will be listed for trade on the Institutional Retzef System,\nwhich is a trading system for institutional investors in Israel. The Company may\nalso, in its sole discretion, register the debentures for trade on the TASE. So\nlong as the Debentures are not registered for trade on the TASE, the Company has\nundertaken (i) to pay an additional interest at an annual rate of 0.5% (namely\n5%) until a prospect...