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Alon Holdings Blue Square - Israel Ltd. (NYSE:BSI) Announces The Financial Results For The Fourth Quarter Of 2012

Stocks in this article: BSI

BSRE estimates that construction shall be completed in the last quarter of 2013.  

On June 5, 2012, BSRE entered into a loan agreement (the loan) to receive finance from a group of institutional companies in order to build an addition to the extension to the Hadar Mall in Jerusalem, in which BSRE holds 50% of the rights. The lenders will extend an amount of NIS 125 million over a period of 10 years during which an aggregate of NIS 42.5 million will be repaid in 17 bi-annual payments effective December 2013 and the balance will be repaid in a one-time at the end of the loan term. The loan is linked to the CPI and bears annual interest of 4.1%. BSRE has the option to receive an additional loan of NIS 40 million upon completing the construction. The additional loan shall be linked to the CPI and bear interest according to a mechanism determined in the loan agreement and shall be repaid on the same dates as the loan repayment dates. As collateral for the repayment of the loan, BSRE placed a charge on its rights in Hadar Mall in Jerusalem.

d.  Eyal Logistic center  

On July 12, 2012, Eyal Baribua Ltd. (Eyal Baribua) a company held at rate of 50% by BSRE, entered into a financing agreement with a bank to provide credit line of NIS 90 million to Eyal Baribua to establish the logistic center in Kibbutz Eyal. The credit line shall be extended for the establishment period (18 months) and after the completion of the construction and Mega's entry into the logistic center, the credit line shall be converted into a loan for 15 years where NIS 63 million shall be repaid in quarterly payments over 14 years and the balance at the end of the loan term. The credit line and the loan shall bear variable annual interest rate linked to the Prime. As collateral for the credit line and loan repayment, the real estate rights shall be charged and for the establishment period a guarantee of Eyal Baribua shareholders was granted as well.

In September 2012, Eyal Baribua received a building permit to construct the logistic center and work was commenced according to the permit. Construction is expected to be completed at the beginning of 2014.  

e.  Commercial center project - Kiryat Hasharon, Netanya  

In September 2012, the commercial center in Kiryat Hasharon, Netanya was opened to the public. The commercial center was established by BSRE and Harel Insurance Company. BSRE and Harel hold equally the real estate and the commercial center.

f.  Option for the sale of Cohen Building in Petach Tikva  

In November 2012, BSRE granted an option to purchase the property in Petach Tikva subject to certain conditions in return for NIS 56 million. On March 6, 2013, the option was exercised and a sale agreement was signed under which 20% of the consideration was paid and the balance shall be paid in two equal installments after 120 days and 150 days.   

Issuance of bonds

  1. On January 4, 2012, the bonds series of BSRE (Series D) was expanded by a private offering of NIS 150 million par value of bonds (Series D) to institutional investors for 98.5% of their par value, reflecting a return of 5.8%.
  2. On January 25, 2012, Midroog announced on lowering its rating on bonds (series A and C) issued by the Company, from A1 to A2 with stable outlook. In addition, Midroog granted A2 rating with stable outlook for bonds up to NIS 200 million par value the Company intends to issue by expanding Series C or by issuance of new Series with a duration up to 6 years.
  3. On February 15, 2012, the bonds series of Dor Alon (Series D) was expanded by a private offering of NIS 119.9 million par value of bonds (Series D) to institutional investors for 100.95% of their par value, reflecting a return of 6.9%.
  4. On April 11, 2012, the bonds series of the Company (Series C) was expanded by a private offering of NIS 35 million par value of bonds (Series C) to institutional investors for 89.5% of their par value, reflecting a return of 5.7%.
  5. On May 23, 2012, Midroog announced that it had assigned a "P-1" rating to commercial paper of up to NIS 170 million nominal value, which may be issued in the future by the Company. As of the reporting date NIS 71 million were issued and are repayable at the request of the holder every 3 months.
  6. On August 20, 2012, the bonds series of Dor Alon (Series D) was expanded by a private offering of NIS 46 million par value of bonds (Series D) to institutional investors for 101.08% of their par value, reflecting a return of 6.9%.
  7. On August 28, 2012, the bonds series of BSRE (Series D) was expanded by a private offering of NIS 49 million par value of bonds (Series D) to an institutional investor for 98.0% of their par value, reflecting a return of 6.0%.
  8. On November 19, 2012, the bonds series of BSRE (Series D) was expanded by a private offering of NIS 110 million par value of bonds (Series D) to an institutional investor for 107.0% of their par value, reflecting a return of 4.8%.
  9. In 2012, the Company's subsidiaries acquired NIS 18.5 million par value of bonds of Series C of the Company, of which NIS 8.3 million par value of bonds Series C were realized or redeemed, such that as of December 31, 2012, the subsidiaries hold 8.9% of bonds Series C.
  10. On January 31, 2013, the bonds series of Dor Alon (Series C and D) were expanded by a private offering of NIS 21 million par value of bonds (Series C) to institutional investors for 97.95% of their par value, reflecting a return of 5.3% and NIS 129 million par value of bonds (Series D) for 103.8% of their par value, reflecting a return of 5.2%.

Post balance sheet events

  1. BSRE announced on a dividend distribution in the amount of NIS 50 million (U.S. $13.4 million), the share of the Company NIS 39 million (U.S. $10.4 million). The dividend shall be paid on April 23, 2013.
  2. Dor Alon announced on a dividend distribution in the amount of NIS 20 million (U.S. $5.4 million), the share of the Company NIS 15.7 million (U.S. $4.2 million). The dividend shall be paid on April 9, 2013

NOTE A: Convenience Translation to Dollars

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