MirLand prices further NIS 149.66 million of 7.21% series E bonds

By Jennifer Chiou

New York, Dec. 6 - MirLand Development Corp. plc announced the issue of another NIS 149,662,400, or about $42.5 million, of its series E bonds, according to a company filing with the London Stock Exchange. The latest issue has a par value of NIS 142.4 million.

As announced in July, the company accepted bids from institutional investors in Israel for roughly NIS 193 million, or $54 million, of 7¼% bonds. It previously priced another NIS 47 million of the bonds in a follow-on public offering in Israel that will bear interest at 7.21%.

The proceeds will be used for MirLand's general working capital purposes and repayment of loans.

MirLand is a Cyprus-based real estate developer that primarily functions in Russia but also has subsidiaries in Israel and Hungary.

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