Plaza Centers N.V.
04 February 2008
PLAZA CENTERS N.V.
('Plaza' or the 'Company')
PLAZA CENTERS N.V. ANNOUNCES PUBLICATION
OF A PROSPECTUS IN ISRAEL
February 4, 2008 - Plaza Centers N.V. ('Plaza' or the 'Company') announces that
a prospectus (the 'Prospectus') was published yesterday in Israel for the
offering to the public in Israel of unsecured non-convertible Series B Notes ('
Series B Notes') in the aggregate principal amount of NIS 600 million and their
listing in the Tel-Aviv Stock Exchange ('TASE') and for the listing for trade on
the TASE of approximately NIS 305 million unsecured non-convertible Series A
Notes issued by Plaza to investors in Israel in a private placement in July 2007
('Series A Notes').The Series A Notes carry a coupon of 5%, which will be
reduced to 4.5% commencing on February 4, 2008.
The offering of the Series B Notes will be conducted by means of a tender based
on the annual interest rate borne by the B Notes. The Prospectus provides that
the maximum interest rate of the Series B Notes may vary between 5% and 5.8%.
Series B Notes were rated Aa3 by Midroog Ltd. (a credit-rating agency affiliated
with Moody's Investors Services), on a local scale.
In accordance with Israeli law, prior to the public tender based on the annual
interest rate of the Series B Notes, the Company will publish a Complementary
Notice, which shall constitute a part of the Prospectus. The Complementary
Notice shall specify, among other things, the aggregate amount offered of Series
B Notes and the maximum interest rate that may be tendered in the tender for
Series B Notes. The aggregate principal amount offered (i.e., NIS 600 million)
may be increased or decreased by up to 20%, and the product of the aggregate
principal amount offered and the average of the maximum interest rates for the
offered Series B Notes may not be amended by more than 30%.
The Series B Notes is linked (principal and interest) to the increases in the
Israeli consumer price index. The principal amount of Series B Notes will be
repayable in five equal annual installments on July 1 of each year between 2011
and 2015. Interest will be paid in semi-annual installments on July 1 and on
December 31 of each year between 2008 and 2015. The first interest payment is
due on July 1, 2008 and the last interest payment is due on July 1, 2015.
The Series A Notes and the Series B Notes were rated Aa3 by Midroog Ltd., on a
local scale, and the Series A Notes were rated A+/Positive by Standard & Poor's
Maalot Ltd., on a local scale.
The publication of the Prospectus followed the approval by the Israel Securities
Authority ('ISA') and the approval by the TASE for the listing for trade of the
Series A Notes. In addition, the TASE gave its preliminary approval for the
publication of the Prospectus with regards to the Series B Notes. Prior to the
publication of the Complementary Notice, the Company will be required to receive
the TASE's approval for the offering of the Series B Notes.
The listing of the Series B Notes is subject to satisfaction of certain TASE's
requirements regarding minimum public holdings and minimum dispersal. The
listing for trade on the TASE of Series A Notes is expected to occur promptly
following the publication of the Prospectus, but not prior to February 11, 2008.
The proposed public offering is expected to be completed during February 2008,
although there is no guarantee that proposed offerings will be completed by such
date or that they will be completed at all.
The offering of the Series B Notes will be made to persons in Israel only.
About Plaza Centers N.V.
Plaza Centers N.V. (www.plazacenters.com) is a leading emerging markets
developer of shopping and entertainment centres. It focuses on constructing new
centres and, where there is significant redevelopment potential, redeveloping
existing centres in both capital cities and important regional centres. The
Company is dual listed on the Main Board of the London Stock Exchange and, as of
19 October 2007, the Warsaw Stock Exchange (LSE:'PLAZ', WSE: 'PLZ/PLAZACNTR').
Plaza Centers N.V. is an indirect subsidiary of Elbit Imaging Ltd. ('EIL'), an
Israeli public company whose shares are traded on both the Tel Aviv Stock
Exchange in Israel and the NASDAQ Global Market in the United States.
Plaza Centers is a member of the Europe Israel Group of companies which is
controlled by its founder, Mr Mordechay Zisser. It has been active in real
estate development in emerging markets for over 11 years.
For further details, please contact:
Plaza Centers
Mordechay Zisser, Chairman +972 3 608 6000
Ran Shtarkman, President and CEO +36 1 462 7221
Roy Linden, CFO +36 1 462 7105
Financial Dynamics +44 20 7831 3113
Stephanie Highett / Laurence Jones
This information is provided by RNS
The company news service from the London Stock Exchange
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