There was exceptional demand of NIS 1.2 billion for the giant US real estate company's Series A bonds, which were offered at interest of up to 6.4%.
US real estate giant Starwood Capital unit Starwood West successfully raised NIS 997 million ($286 million) in a bond offering on the Tel Aviv Stock Exchange yesterday. The interest rate of 5.95% will become the maximum interest in the public tender which will take place next week. There was exceptional demand of NIS 1.2 billion for the Series A bonds, which were offered at interest of up to 6.4%.
Starwood Capital Group, controlled by founder, chairman and CEO Barry Sternlicht, is one of the largest real estate and hotel companies in the US. In order to raise debt in the US, the company set up a subsidiary in the Virgin Islands called Starwood West, which incorporates seven shopping malls against which an unsecured bond was issued. S&P gave Starwood West an A rating to issue a bond of up to NIS 850 million. Due to surplus demand, Starwood West expanded the offering to NIS 997 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018
Tel Aviv Stock Exchange