TEL AVIV, Israel, Dec. 16, 2019 /PRNewswire/ -- Ellomay Capital
Ltd. (NYSE American: ELLO) (TASE:
ELLO) ("Ellomay" or the "Company"), a renewable
energy and power generator and developer of renewable energy and
power projects in Europe and
Israel, today
announced that it provided a conditional notice of redemption to
the holders of its Series A Debentures, due 2023 (the "Early
Redemption").
The Company is currently in advanced stages of negotiating the
sale of its Italian PV portfolio to a third party in consideration
for approximately €39 million (an amount consisting of a
consideration in the amount of approximately €41 million, net of
withdrawals made by the Company from the Italian portfolio
companies during 2019 in the amount of approximately €2 million),
subject to adjustments. The Early Redemption is subject to the
execution and consummation of the sale of the Company's Italian PV
portfolio. The execution and consummation of definitive
agreements for the sale of the Company's Italian PV portfolio and
the consideration are subject to the completion of the negotiations
to the satisfaction of the Company, and to the receipt of third
party consents including banks. There can be no assurance that the
negotiations will materialize or whether a definitive agreement
will be executed and consummated and under which terms.
Subject to the occurrence of the condition relating to the sale
of the Company's Italian PV portfolio, the Early Redemption date
will be December 31, 2019. Pursuant
to the terms of the deed of trust governing the Series A
Debentures, the redemption amount will be the sum of approximately
NIS 80.1 million (approximately €20.6
million) in principal and a prepayment charge of approximately
NIS 5.7 million (approximately €1.5
million), amounting to an aggregate redemption amount of
approximately NIS 85.8 million
(approximately €22.1 million). On the date of the Early Redemption,
the Company will also make a principal and interest repayment
pursuant to the original repayment schedule included in the deed of
trust governing the Series A Debentures in the aggregate amount of
approximately NIS 22.3 million
(approximately €5.8 million), consisting of a principal repayment
in the amount of NIS 20 million
(approximately €5.2 million) and an interest payment in the amount
of NIS 2.3 million (approximately
€0.6 million). Following the Early Redemption and the repayment of
the principal and interest originally scheduled for December 31, 2019, the Series A Debentures will
be delisted from the Tel Aviv Stock Exchange.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered
with the NYSE American and with the Tel Aviv Stock Exchange under
the trading symbol "ELLO". Since 2009, Ellomay Capital focuses
its business in the renewable energy and power sectors in
Europe and Israel.
To date, Ellomay has evaluated numerous opportunities and
invested significant funds in the renewable, clean energy and
natural resources industries in Israel, Italy
and Spain, including:
- Approximately 22.6MW of photovoltaic power plants in
Italy, approximately 7.9MW of
photovoltaic power plants in Spain
and a photovoltaic power plant of approximately 9 MW in
Israel;
- 9.375% indirect interest in Dorad Energy Ltd., which owns and
operates one of Israel's largest
private power plants with production capacity of approximately
850MW, representing about 6%-8% of Israel's total current electricity
consumption;
- 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and
Ellomay Pumped Storage (2014) Ltd., all of which are involved in a
project to construct a 156 MW pumped storage hydro power plant in
the Manara Cliff, Israel;
- 100% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V.,
project companies developing anaerobic digestion plants with a
green gas production capacity of approximately 375 Nm3/h, in Goor,
the Netherlands and 475 Nm3/h, in
Oude Tonge, the Netherlands,
respectively;
- 51% of Talasol, which is involved in a project to
construct a photovoltaic plant with a peak capacity of 300MW in the
municipality of Talaván, Cáceres, Spain.
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi
Raphael and Mr. Ran Fridrich. Mr. Nehama is one of
Israel's prominent businessmen and
the former Chairman of Israel's
leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both
have vast experience in financial and industrial businesses. These
controlling shareholders, along with Ellomay's dedicated
professional management, accumulated extensive experience in
recognizing suitable business opportunities worldwide. Ellomay
believes the expertise of Ellomay's controlling shareholders and
management enables the Company to access the capital markets, as
well as assemble global institutional investors and other potential
partners. As a result, we believe Ellomay is capable of considering
significant and complex transactions, beyond its immediate
financial resources.
For more information about Ellomay, visit
http://www.ellomay.com.
Information Relating to Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties, including statements
that are based on the current expectations and assumptions of the
Company's management. All statements, other than statements of
historical facts, included in this press release regarding the
Company's plans and objectives, expectations and assumptions of
management are forward-looking statements. The use of certain
words, including the words "estimate," "project," "intend,"
"expect," "believe" and similar expressions are intended to
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The Company
may not actually achieve the plans, intentions or expectations
disclosed in the forward-looking statements and you should not
place undue reliance on the Company's forward-looking statements.
Various important factors could cause actual results or events to
differ materially from those that may be expressed or implied by
the Company's forward-looking statements, including the outcome of
the negotiations for the sale of the Company's Italian PV
portfolio, the ability to obtain third party consents and
prevailing market and economic conditions. These and other
risks and uncertainties associated with the Company's business are
described in greater detail in the filings the Company makes from
time to time with Securities and Exchange Commission, including its
Annual Report on Form 20-F. The forward-looking statements are made
as of this date and the Company does not undertake any obligation
to update any forward-looking statements, whether as a result of
new information, future events or otherwise.
Contact:
Kalia Weintraub
CFO
Tel: +972(3)797-1111
Email: hilai@ellomay.com
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SOURCE Ellomay Capital Ltd.