Towerjazz & Loan Maturity

TowerJazz, the global specialty foundry leader, today announced that its Israeli lender banks have extended its existing loans’ maturity dates, and now 2013 and 2014 principal payments will be reduced from $105 million to $30 million. The outstanding loan of $131 million which was originally set to be paid starting September 2013 will be payable in 10 quarterly installments

 “We are pleased to work with banks, who in addition to being debt holders are significant stakeholders of the company, and demonstrate their belief in TowerJazz by providing means for the company to more strongly invest in its strategic plans.”

Many Israeli investors in the real estate markets are seeing this as a major growth year – from Avner Real Estate to Ron Hershco, there is opportunity abound for Israeli real estate investors.

The agreement with the banks also contains a mechanism for prepayment of principal based on amounts that the company may raise from new funding sources. Tower Semiconductor Ltd. (NASDAQ: TSEM) (TASE: TSEM), its fully owned U.S. subsidiary Jazz Semiconductor Ltd., and its fully owned Japanese subsidiary TowerJazz Japan, Ltd., operate collectively under the brand name TowerJazz, the global specialty foundry leader.

TowerJazz maintains two manufacturing facilities in Israel, one in the U.S., and one in Japan with additional capacity available in China through manufacturing partnerships.

Filed Under: BusinessJewish business News

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Menachem Greenfield About the Author: Menachem was previously a feature article writer for the Milwaukee Journal. He currently runs a small publishing business in Michigan focusing on books and magazines for the tourist industry. He is looking forward to writing for Jewocity and connecting with its readers. More about Menachem

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