Plaza Regulatory News (PLAZ)

4 Feb 2008 07:01

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 thata prospectus (the "Prospectus") was published yesterday in Israel for theoffering 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 theirlisting in the Tel-Aviv Stock Exchange ("TASE") and for the listing for trade onthe TASE of approximately NIS 305 million unsecured non-convertible Series ANotes 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 bereduced to 4.5% commencing on February 4, 2008. The offering of the Series B Notes will be conducted by means of a tender basedon the annual interest rate borne by the B Notes. The Prospectus provides thatthe 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 affiliatedwith Moody's Investors Services), on a local scale. In accordance with Israeli law, prior to the public tender based on the annualinterest rate of the Series B Notes, the Company will publish a ComplementaryNotice, which shall constitute a part of the Prospectus. The ComplementaryNotice shall specify, among other things, the aggregate amount offered of SeriesB Notes and the maximum interest rate that may be tendered in the tender forSeries 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 aggregateprincipal amount offered and the average of the maximum interest rates for theoffered Series B Notes may not be amended by more than 30%. The Series B Notes is linked (principal and interest) to the increases in theIsraeli consumer price index. The principal amount of Series B Notes will berepayable in five equal annual installments on July 1 of each year between 2011and 2015. Interest will be paid in semi-annual installments on July 1 and onDecember 31 of each year between 2008 and 2015. The first interest payment isdue 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 alocal scale, and the Series A Notes were rated A+/Positive by Standard & Poor'sMaalot Ltd., on a local scale. The publication of the Prospectus followed the approval by the Israel SecuritiesAuthority ("ISA") and the approval by the TASE for the listing for trade of theSeries A Notes. In addition, the TASE gave its preliminary approval for thepublication of the Prospectus with regards to the Series B Notes. Prior to thepublication of the Complementary Notice, the Company will be required to receivethe 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'srequirements regarding minimum public holdings and minimum dispersal. Thelisting for trade on the TASE of Series A Notes is expected to occur promptlyfollowing 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 suchdate 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 marketsdeveloper of shopping and entertainment centres. It focuses on constructing newcentres and, where there is significant redevelopment potential, redevelopingexisting centres in both capital cities and important regional centres. TheCompany is dual listed on the Main Board of the London Stock Exchange and, as of19 October 2007, the Warsaw Stock Exchange (LSE:"PLAZ", WSE: "PLZ/PLAZACNTR").Plaza Centers N.V. is an indirect subsidiary of Elbit Imaging Ltd. ("EIL"), anIsraeli public company whose shares are traded on both the Tel Aviv StockExchange in Israel and the NASDAQ Global Market in the United States. Plaza Centers is a member of the Europe Israel Group of companies which iscontrolled by its founder, Mr Mordechay Zisser. It has been active in realestate 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