- New York based real estate investor Delshah Capital raised around NIS400 million (around $102 million) through a two tranche bond trading on the Tel Aviv Stock Exchange (TASE).
- The two tranches were one unsecured of around $40 million 6.8% notes maturing 2021, and one secured of around $61 million 4.6% notes maturing September 2023.
- Proceeds from the bond will be used to invest in the company's existing portfolio and for new acquisitions.
- US real estate company's issuing bonds in Israel has become common, thanks largely to the appetite for these issues from Israel's mutual funds, which are only permitted to buy shekel-denominated bonds trading on TASE and are attracted by the relatively high interest rates by local standards.
- Clal Finance Underwriting was manager of the issue.
- Delshah's financial advisor was InFin.
Ben Naylor - Regional editor