Formula Systems (FORTY) has released an update.
Formula Systems (1985) Ltd. has announced a draft agreement for a potential new series of secured non-convertible debentures, Series D, to be issued in Israel, subject to regulatory approvals. The debentures, backed by a first-lien on shares from select subsidiaries, would be repaid annually with a fixed payment schedule through 2034. Additionally, credit rating agencies S&P and Midroog have assigned strong credit ratings to both the proposed debenture series and to Formula Systems as the issuer.
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