Real estate company Gazit-Globe Ltd. (NYSE: GZT; TASE: GLOB), controlled by Chaim Katzman and Dori Segal, announced today that it had completed a NIS 375 million public offering of its series 11 debentures. The company will use the cash raised to refinance existing debt and for its operations.
The debentures were offered at a price of NIS 1.217 for NIS 1.00 par value representing an effective yield to maturity of 3.25% with a duration of approximately 7.2 years.
The debentures carry an annual interest rate of 5.35%, linked to the Israeli CPI, with a final maturity date of September 2024, and have a domestic credit rating of ilAA- with a stable outlook from S&P Maalot and a domestic credit rating of Aa3 with a stable outlook from Midroog (Moody’s domestic subsidiary).
The underwriters syndicate was led by Leader Capital Markets and Clal Finance and included Barak Capital Underwriting, Excellence Investments, APEX Investment, Leumi Partners, Discount Capital Markets & Investments, Poalim IBI, Inbar Underwriting.
Published by Globes [online], Israel business news - www.globes-online.com - on December 29, 2013
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