By Susanna Moon
Chicago, March 1 - Gazit-Globe said it received a total of NIS 450 million from the private placement of series D debentures after the exercise of options to purchase series K debentures for NIS 225 million.
The options were exercisable until Feb. 29, and the exercise price reflects a yield of 5.6% (Consumer Price Index-adjusted). The duration of the debentures is about eight years, according to a company press release.
The company said on Jan. 23 that it planned a private placement of series D debentures with options to purchase series K debentures for NIS 225 million. The issuance was an extension of two existing series of debentures, according to a previous release.
The issuance of series D notes totaled NIS 185 million par value and included an additional 1.85 million options to purchase series K debentures.
Options were exercisable into series K notes until Feb. 29 at NIS 121.8 (CPI adjusted) for each NIS 120 par value of series K notes.
The series D notes have a yield of 4.8% (CPI indexed) and have a maturity of 6.7 years.
The debentures have a domestic credit rating of Aa3 with a stable outlook by Midroog and a domestic credit rating of A+ with a positive outlook by S&P Maalot.
Gazit-Globe is a real estate company based in Tel Aviv.
| Issuer: | Gazit-Globe Ltd.
|
| Issue: | Series D debentures with options to purchase series K debentures
|
| Amount: | NIS 450 million (including NIS 225 option exercise)
|
| Maturity: | 6.7 years
|
| Coupon: | 4.8%
|
| Warrants: | 1.85 million
|
| Warrant strike price: | NIS 121.8
|
| Warrant expiration: | Feb. 29
|
| Pricing date: | Jan. 23
|
| Stock symbol: | NYSE: GZT
|
| Stock price: | $9.92 per share
|
| Market capitalization: | $1.65 billion
|
| Ratings: | Midroog: Aa3
|
| Maalot: ilA+
|
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