Plaza Centers noteholders approve early pre-payment term amendments

By Caroline Salls

Pittsburgh, Dec. 1 – Elbit Imaging Ltd. subsidiary Plaza Centers NV said the holders of its series A notes, series B notes and Polish notes approved amendments to an early pre-payment term under its restructuring plan.

According to a news release, the approval of the amendments will be effective immediately.

Plaza Centers said the amendments include the postponement of the early pre-payments term by up to four months, and the reduction of the early pre-payments term’s total amount to at least NIS 382 million.

As part of the amendments, the company will make a one-time payment of 0.25% of its outstanding debt on March 31, 2018.

In addition, Plaza Centers agreed with the noteholders that if the Casa Radio project in Bucharest, Romania, is sold before the full repayment of the notes, and in no event later than Dec. 31, 2019, and provided that the net proceeds exceed €45 million, Plaza will pay to the noteholders an additional one-time payment derived from the net proceeds on top of the minimum proceeds, which can be up to €11 million.

In light of a technical error in the amended deed of trust for the series B notes related to the minimum repayment amount that will result in an early redemption, the company said it plans to hold an additional meeting of series B noteholders to amend that amount.

Tel Aviv-based Elbit Imaging is a holding company with activities in the fields of commercial and entertainment centers, hotels, image-guided treatment, residential real estate and fashion retail.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.