Plaza Centers OK’d to change series B notes’ minimum repayment amount

By Angela McDaniels

Tacoma, Wash., Dec. 12 – Elbit Imaging Ltd. subsidiary Plaza Centers NV said the holders of its series B notes approved on Dec. 12 changing the minimum repayment amount to NIS 260.66 million with immediate effect.

As reported on Dec. 1, the company received approval from the holders of its series A notes, series B notes and Polish notes to amend an early prepayment term under its restructuring plan.

Plaza Centers asked to change the minimum repayment amount for the series B notes in light of a technical error in the amended deed of trust for the notes, according to a company filing with the London Stock Exchange.

The restructuring plan includes the postponement of the early prepayments term by up to four months and the reduction of the early prepayments term’s total amount to at least NIS 382 million.

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.

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.