Israel's RGI International repurchases NIS 23.8 million 8.7% bonds

By Jennifer Chiou

New York, Dec. 5 - RGI International Ltd. said it bought back NIS 23.8 million of its 8.7% unsecured series A bonds.

The company said it paid NIS 18,983,754 for the bonds, which it intends to cancel.

Following the buybacks, NIS 96.65 million of the bonds remains outstanding.

The company said that while the bonds' maturity is scheduled in equal annual installments between November 2010 and November 2012, they become repayable in the event of a downgrade by Maalot Standard & Poor's to BBB- from their current rating of BBB+.

Israel-based RGI develops high-end properties in the Moscow area.

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