As part of the exchange purchase offer, demands of 2.1 billion shekels were registered from institutional and private investors – about 1 billion shekels above the minimum amount set for the offer (about 1.12 billion shekels at least from series L and L together). As part of the redemption process, each holder of bonds in series A and D could choose between full early redemption in cash, in accordance with the terms of the series (A and L), and replacing the bonds in his possession with a new bond series (L) , as mentioned.
The early redemption process was made possible, among other things, following the Ithaca IPO in London last November, and the amount of cash accumulated in the Delek cash register upon completion of the IPO. The early redemption and the issuance of the new series of bonds are expected to allow the company to increase its financial flexibility, to extend the total debt maturity and to update the financial conditions in the trust deeds (following the full redemption of series 1A and 1D).
The full redemption date in relation to the bond holders of series A and D who did not participate in the exchange purchase offer and/or whose offer was not accepted, will be on February 12, 2023.
Idan Wells, CEO of Delek Group: “We thank the market for expressing confidence in the group. This is a very important achievement with strategic implications for the Delek Group. The move completed today significantly increases the financial flexibility of the company, extends the interest rate and will allow the group after the full redemption, among other things, to return to the policy of distributing dividends to its investors while maintaining its financial strength”.
Comments to the article(0):
Your response has been received and will be published subject to system policy.
Thanks.
for a new comment
Your response was not sent due to a communication problem, please try again.
Return to comment