MirLand receives commitments to subscribe for new D series bonds

By Tali David

Minneapolis, May 9 - MirLand Development Corp. plc said it has received commitments to subscribe for new D series bonds to be issued by the company, according to a filing with the London Stock Exchange.

If issued, the bonds will raise NIS 35 million, or about $9.85 million before expenses.

The issue is subject to the approval of the Tel Aviv Stock Exchange.

The bonds will be issued on identical terms to the existing D series bonds and will be rated as "ilBaa1/stable" on a local Israeli scale by Midroog, a subsidiary of Moody's Investors Services, the filing said.

The net proceeds of the issue will be applied for general working capital purposes.

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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