TEL-AVIV, Israel, April 2, 2015 (GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), one of the world's leading multi-national real estate companies focused on the management, 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 680 million (approximately US$ 170 million).
The debentures were offered at a price of NIS 1.096 for NIS 1.00 par value, representing an annual yield to maturity of 2.87%. 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 10.8 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 Clal Finance Underwriting and Leader Capital Markets and included Barak Capital Underwriting, Excellence Underwriting, Poalim IBI, Leumi Partners, Discount Capital Markets & Investments Value Base Underwriting 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 524 properties in more than 20 countries, with a gross leasable area of approximately 6.3 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
Gazit-Globe Headquarters, Tel-Aviv, Israel, Tel: +972 3 6948000 / New York Office, Tel: +1 212 897 9741
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.
CONTACT: For additional information: Gil Kotler, Senior Executive VP and CFO Gazit-Globe Ltd. 1 HaShalom Rd. Tel Aviv, Israel 67892 +972 3 694 8000