Jan. 31 (Bloomberg) -- Delek Real Estate Ltd. signed an agreement that will give bondholders a 46 percent stake in the property company and calls for an injection of 250 million shekels ($67 million) by controlling shareholder Isaac Tshuva.
Two new bond series totaling 1.275 billion shekels will be issued in exchange for the Series Dalet and Heh bonds under the deal reached with the holders of those notes, according to a statement filed today with the Tel Aviv Stock Exchange.
Tshuva, who will retain control of the Ramat Gan, Israel-based company will make the cash injection at a rate of 50 million shekels a year, according to the statement. He also will provide 8 percent of Delek Group Ltd. as a collateral, it said.
Tshuva owns 50.79 percent of Delek Real Estate, according to data compiled by Bloomberg. Delek Group, which is 64.36 percent owned by Tshuva, holds 4.99 percent of the property company.
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