The company will use the net proceeds to reduce the outstanding balance under its revolving credit facilities and for general corporate purposes.
Income-producing real estate developer Gazit-Globe Ltd. (NYSE: GZT; TASE: GZT) has raised a gross NIS 451 million ($128 million) in a debt offering on the TASE. It will use the net proceeds to reduce the outstanding balance under its revolving credit facilities and for general corporate purposes.
The Consumer Price Index (CPI) linked bonds bear an annual interest rate of 4.0%, and will be repaid semi-annually, with a duration of 9.8 years and a final maturity date of June 2027.
Standard & Poor's Maalot Ltd. rated the bonds AA- with a "Stable" outlook and Moody's affiliate Midroog Ltd. rated the bonds Aa3 with a "Stable" outlook.
Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2013
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