MirLand prices NIS 193 million series E bonds with 7¼% coupon

By Jennifer Chiou

New York, July 23 - MirLand Development Corp. plc announced that it has accepted bids from institutional investors in Israel for roughly NIS 193 million, or $54 million, of new 7¼% series E bonds.

According to a filing with the London Stock Exchange, the company will also offer an additional NIS 47 million of the bonds to the public in Israel.

The filing noted that MirLand received overall bids of NIS 355 million, or about $99.4 million.

The issue is subject to the approval of the company's board as well as the Tel Aviv Stock Exchange.

The bonds have a rating of "ilBaa1/stable" on a local Israeli scale by Midroog, a subsidiary of Moody's Investors Services.

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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