Israel’s Gazit-Globe may buy back up to NIS 250 million of debentures

By Tali Rackner

Minneapolis, March 29 – Gazit-Globe Ltd. said the Tel Aviv Stock Exchange and the Israeli Securities Authority approved a repurchase program on March 28 under which it may repurchase up to NIS 250 million of its outstanding debentures between April 1 and March 31, 2019, according to a 6-K filing with the Securities and Exchange Commission.

“The company’s board of directors decided to implement this program so that, in light of market conditions, the company may avail itself of opportunities to repurchase its debentures under more favorable terms and thereby reduce the cost of its debt,” the filing said.

Repurchases will be financed using internal resources.

The new program replaces the existing program that was in effect from April, 2017 through March 31 and that allowed for the repurchase of up to NIS 250 million of outstanding debentures.

Gazit-Globe is a Tel Aviv-based owner and operator of supermarket-anchored shopping centers.

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