Gazit-Globe, Ltd. announced that it has entered into an agreement with a consortium of Israeli banks to amend and extend an existing loan facility secured by pledges of shares held by the company and its wholly-owned subsidiaries. As part of the amendment to the facility, the latter's term was extended until January 2019 (instead of January 2015) and, at the request of the company, the following significant changes were also made: EUR 94 million from the outstanding balance (which stands at EUR 194 million) on the facility will be converted for use in a revolving credit facility (whose term shall also be until January 2019) while the remaining EUR 100 million will continue to be utilized under the existing loan structure. The pledge over the shares of First Capital Realty Inc. used to secure the loan was cancelled following which the loan will be secured solely by the pledge of shares of Atrium European Real Estate Limited (ATR).

The other financial terms in the Facility that were revised are as follows: The ratio of debt to collateral (according to its market price, based on an average over a number of trading days; not including the value of the shares discussed in above over which the pledge is being cancelled) must not exceed 65% (instead of 60%, as stipulated prior to the amendment), subject to an potential decrease in the event of a change in the holdings of the company in ATR. As of December 30, 2013, this ratio is 22.7%. Elimination of the covenant pursuant to which the ratio of shareholders equity attributable to ATR shareholders to its total balance sheet will not be less than 48.5%.

The addition of a covenant whereby the ratio of the net interest-bearing liabilities of ATR to its consolidated balance sheet shall not exceed 45%. As of September 30, 2013, this ratio was 16.7%. Instead of requiring that the ratio of net liabilities of the company to the company's consolidated balance sheet shall not exceed 75% and shall not exceed 77.5% on an extended solo basis (the company and private subsidiaries only), the company shall instead be required to ensure that the ratio of its net interest-bearing liabilities to its consolidated balance sheet will be maintained at the aforementioned percentages.

As of September 30, 2013, the respective ratios were 55.3% and 60%. Except as specified above, no other material changes have been made to major terms of the facility.