Israel Land Development intends to increase the total amount to be raised to up to NIS 130 million.
Real estate company Israel Land Development Company (TASE: ILDC)announced today that there had been heavy over-subscription for the institutional stage of its bond offering, 2.1 times the amount planned for this stage.
Because of the over-subscription, Israel Land Development intends to increase the total amount to be raised in the institutional and public stages to up to NIS 130 million.
Israel Land Development is offering CPI-linked bonds secured on its rights in the shares of MLP, a logistics parks company in Poland.
The bonds have a duration of 4.96 years, and are rated BBB+ by S&P Maalot. The annual interest rate set in the institutional auction is 5%, lower than the 5.65% maximum set by the company. The bonds will be repaid between 2018 and 2021 in four annual payments.
Published by Globes [online], Israel business news - www.globes-online.com - on December 29, 2013
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