By Jennifer Chiou
New York, June 6 - Gazit-Globe Ltd. said it completed a public offering of its existing series K debentures in Israel on Thursday, raising about NIS 860 million.
The debentures, which are due December 2020, carry a coupon of 5.35%, Israeli CPI-adjusted, and were offered at a price of NIS 1.18 for every NIS 1 principal amount of debentures, reflecting a yield of 3.56%. The duration is about 7.55 years.
The debentures have a domestic credit rating of Aa3 with a stable outlook by Midroog, a Moody's subsidiary, and a domestic credit rating of ilAA- with a stable outlook by S&P Maalot.
The debentures were offered by an underwriting syndicate led by Clal Finance and Leader Capital Markets.
Proceeds will be used to reduce the balance under the company's revolving credit facilities and for general corporate purposes.
Gazit-Globe is a real estate company based in Tel Aviv.
| Issuer: | Gazit-Globe Ltd.
|
| Issue: | Series K debentures
|
| Amount: | NIS 860 million (approximate)
|
| Maturity: | December 2020
|
| Price: | NIS 1.18 per NIS 1 of series K debentures
|
| Coupon: | 5.35%
|
| Yield: | 3.56%
|
| Underwriters: | Clal Finance and Leader Capital Markets (leads), Leumi Partners, Discount Capital Markets & Investments, Barak Capital, Excellence Investments, Poalim IBI, Meitav and Migdal
|
| Settlement date: | June 6
|
| Rating: | Midroog: Aa3
|
| S&P Maalot: ilAA-
|
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