Israel's Gazit-Globe Raises $107 Million in Bond Offering

Israel's Gazit-Globe Raises $107 Million in Bond Offering

Commercial News » Middle East and Africa Commercial News Edition | By WPJ Staff | December 30, 2013 11:29 AM ET

Israel's largest real estate investment company has raised 375 million shekels ($107 million) in a public offering of bonds, according to a company announcement.

Gazit-Globe offered unsecured debentures with an annual interest rate of 5.35 percent, adjusted for the consumer price index, with a final maturity date of September 2024, the company said in an announcement. 

The bonds have a domestic credit rating of "AA-" with a stable outlook from S&P Maalot and a rating of "Aa3" and stable outlook from Moody's Israel subsidiary, the company said. 

The company will use the proceeds from the IPO to refinance existing debt and for general corporate purposes.  

Gazit-Globe is one of the largest owners, developers and operators of supermarket-anchored shopping centers in major markets worldwide. It operates through Equity One in the U.S. and through First Capital Reality Inc. in Canada, Reuters reports. It is active in North America's healthcare real estate sector. 

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