Bank Hapoalim and Gilat Satellite Networks Ltd. (Nasdaq:GILTF - News) today announced that an agreement for the modification of the terms of the outstanding loan by the Bank to Gilat has been signed by the parties, and for the Bank to have a right to receive warrants to purchase Gilat's ordinary shares up to the outstanding balance of the loan, which currently stands at approximately $71 million.
The agreement is subject to the approval by Gilat's shareholders at the annual general meeting that is scheduled for April 29, 2004. The parties have agreed to a reduction of the rate of interest applicable to the outstanding loan balance going forward, a deferral of part of the principal payments that are due in 2005 and 2006 to the end of the loan period in 2012, and relaxation of the financial covenants contained in the loan agreement.
The Bank will have a right to receive warrants to purchase Gilat ordinary shares for a period of three years commencing July 1, 2004 at the then prevailing market rates subject to a minimum and maximum price per share as provided in the agreement.
Gilat Satellite Networks
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Northrop Grumman's AstroMesh Reflector Deployed on MBSAT
Carpinteria CA - Mar 30, 2004
Northrop Grumman's AstroMesh deployable reflector system successfully deployed aboard the MBSAT satellite early today. The MBSAT satellite was manufactured by Space Systems/Loral for Mobile Broadcasting Corporation (MBCO) of Japan and SK Telecom (SKT) of Korea.
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