17th Nov 2016 10:22
LONDON (Alliance News) - Plaza Centers NV on Thursday tabled plans to pay a one-time consent fee of around EUR488,000 to its noteholders, as part of its efforts to secure an extension to the timetable of, and a reduction to the total of early prepayments.
The company is seeking a relaxation of the terms of the early prepayment required to maintain its current repayment schedule, specifically postponing the early prepayment date by up to four months and reducing the total required to at least ILS382.0 million.
The EUR488,000 consent fee is equal to 0.25% from Plaza Centers outstanding debt under the notes, and would be paid to the noteholders of the Series A Notes, Series B Notes and Polish notes on a pro-rata basis on March 31, 2018.
Under the restructuring plan, Plaza Centers' principle payments under notes originally due in 2013 to 2015 have been deferred for a period of four and a half years, and principle payments originally due in 2016 and 2017 deferred for one year.
If the Eastern European-focused shopping centre developer does not repay a total of around EUR103 million, or around ILS434.0 million, at or before the end of 2016, these payments due will be advanced by one year.
Shares in Plaza Centers were untraded on Thursday, having last traded at 180.00 pence.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
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