BREAKING NEWS

Africa-Israel redeems bonds for NIS 1.08 billion

By GLOBES

JANUARY 2, 2011 16:56

Africa-Israel Investments Ltd., controlled by chairman Lev Leviev, on Sunday announced that its board of directors approved the redemption in full of its Series 25 bond, amounting to NIS 1.08 billion. The figure includes the principle, interest, and accumulated linkage. The company used the NIS 1.13 billion in proceeds from the sale of its holdings in three subsidiaries for NIS 1.35 billion to finance the redemption.

Africa-Israel CEO Izzy Cohen said, "Redemption of the bonds 18 months ahead of schedule is part of the company's long-term strategy to reduce its liabilities. The company intends to use its surplus liquidity to redeem long-term bonds, which will help reduce financing expenses and improve the company's capital structure. This will also express the company's commitment to its bondholders and shareholders to redeem its liabilities as soon as possible, which will restore investor confidence in Africa-Israel."

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