TEL-AVIV, Israel, Jan. 28, 2015 (GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:TSX) (TASE:GZT), one of the world's leading multi-national real estate companies focused on the acquisition, development and redevelopment of supermarket-anchored shopping centers in major urban markets, announced today that it has completed a public offering of its existing Series L debentures in Israel. The total gross proceeds from the offering were approximately NIS 800 million (approximately US$ 200 million).
The debentures were offered at a price of NIS 1.063 for NIS 1.00 par value, representing a yield to maturity of 3.34%. The debentures bear a coupon rate of 4.0% per annum, Israeli-CPI adjusted. Repayment of the principal will begin in June 2023 with a final maturity date in June 2027, resulting in an average maturity of 11 years. The debentures have a domestic credit rating of ilAA- with a stable outlook from S&P Maalot and a domestic credit rating of Aa3 with a stable outlook from Midroog (Moody's domestic subsidiary).
The Company intends to use the proceeds from the offering to refinance existing debt and for general corporate purposes.
The underwriters syndicate was led by Leader Capital and Clal Finance Markets and included Excellence Investments, Barak Capital Underwriting, Meitav Underwriting, Discount Capital Markets & Investments, Poalim IBI, Leumi Partners and Inbar Underwriting.
Gazit-Globe is one of the largest owners, developers and operators of predominantly supermarket-anchored shopping centers in major urban markets around the world. Gazit-Globe is listed on the New York Stock Exchange (NYSE:GZT), the Toronto Stock Exchange (TSX:GZT) and the Tel Aviv Stock Exchange (TASE:GZT) and is included in the TA-25 and Real-Estate 15 indices in Israel. Gazit-Globe owns and operates 540 properties in more than 20 countries, with a gross leasable area of approximately 6.4 million square meters and a total value of approximately US$ 21 billion.
FOR ADDITIONAL INFORMATION
A comprehensive copy of the Company's annual report is available on Gazit-Globe website at www.gazit-globe.com
FORWARD LOOKING STATEMENTS
This release may contain forward-looking statements within the meaning of applicable securities laws. In the United States, these statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside our control, that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks detailed in our public filings with the SEC and the Canadian Securities Administrators. Except as required by applicable law, we undertake no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events or otherwise.