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Azrieli Group raises 2.5B Israeli shekels in 2-series bond tender offer

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.