Tshuva to pay bondholders NIS 13M
In return for compensation, bondholders agree to defer principle repayment until end of January 2012. Additionally, at end of July 2012, Tshuva to call tender offer for all of company's bond series for NIS 50 million on par value of each series
According to the memorandum, and as per the provisions of the agreement, Delek Real Estate's 25-Series bondholders will agree to a deferral of the principle repayment, which was due September 3, to January 31, 2012 in return for a one time compensation of NIS 13 million ($3.5 million) payable on February 15, 2012, through a junior loan Tshuva will give the company.
Furthermore, holders of Delek Real Estate controlling interest will call a tender offer in late July 2012 for all of DGRE's bonds for NIS 50 million ($13.5 million) at the par value (the bond value at maturation M.U.) of each series.
The funds pledged for the tender offer will be distributed as follows: Series 5 (long term) – NIS 32.4 million ($8.75 million); Series 25 (short term) NIS 14 million ($3.5 million); series 4 (short term) about NIS 3.6 million ($970,000).
DGRE imparted that the agreements signed Sunday night between the parties aims at enabling negotiations for the entrance of CIM fund as an investor and the outlining of an agreement between the company and its bondholders.
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