Azrieli Group closed a tender offer that was conducted through the expansion of its series E and F bonds, raising a total of 2.5 billion Israeli shekels.
The Israel-based property company said the tender offer saw total demand of more than 3.1 billion shekels.
The amounts raised for the series E and F bonds totaled 1.4 billion shekels and 1.1 billion shekels, respectively. The price reflects a yield-to-maturity of around 0.26% and 0.69% for the series E and F notes, respectively.
Azrieli will use part of the proceeds to fully prepay 1.03 billion shekels of 1.64% series C bonds, expected to take place at the end of December.
The company noted that it will book a one-time expense for a prepayment fine in the amount of roughly 70 million shekels in its fourth-quarter results.
Leader Offerings led the issuance, along with underwriters Discount, Barak Capital, Excellence, Leumi Partners, Value Base, Menora, Rosario, Poalim IBI and Inbar.
As of Dec. 16, US$1 was equivalent to 3.50 Israeli shekels.