MirLand prices NIS 132 million series F bonds with 5½% coupon

By Jennifer Chiou

New York, Sept. 12 – MirLand Development Corp. plc announced that it has accepted bids from institutional investors in Israel for roughly NIS 132 million, or $36 million, of new 5½% series F bonds due September 2019.

According to a filing with the London Stock Exchange, the company will also offer an additional NIS 33 million of the bonds to the public in Israel.

The filing noted that MirLand received overall bids of NIS 190 million, or about $52 million.

The institutional auction fixed the maximum interest rate of the bonds at 5½%.

The bonds will be repaid at a rate of 5% every September from 2015 to 2018, with the remaining 80% due in 2019.

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.

Proceeds will be used for general corporate purposes and repayment of existing debt.

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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