Gazit-Globe Ltd. will issue and sell 400 million shekels of its additional unsecured, nonconvertible series M debentures for about 416 million shekels in gross proceeds.
The Israel-based real estate company said it received bids for more than 1.28 billion shekels of series M debentures as part of its planned additional debenture offering.
The outstanding principal amount of the additional debentures will carry interest at an annual rate equal to 2.78%, to be paid semiannually every June 30 and Dec. 31 through 2028, with the first payment made June 30. The debentures have a duration of 6.8 years and a yield to maturity of 2.48%.
Gazit-Globe said the debentures to be sold will be listed for trading only on the Tel Aviv Stock Exchange.
The company also noted that as of Sept. 4, it had repurchased about 925.3 million shekels of debentures under its plan to buy back up to 1.25 billion shekels of debentures.
As of Sept. 5, US$1 was equivalent to 3.60 shekels.