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Financials

Israel's Azrieli accepts commitments for 1.7 bln shekels in bond issue

TEL AVIV, April 20 (Reuters) - Israeli real estate developer Azrieli Group said on Monday it accepted early commitments from accredited investors for the purchase of bonds worth 1.7 billion shekels ($475 million).

The debt raising was carried out by expanding two bond series, E and F, which are inflation-linked, with a duration of 5.94 and 9.24 years, respectively.

The price determined in the tender for Series E bonds reflects a yield-to-maturity of around 1.2% and for Series F 1.43%. These prices will constitute the minimum prices for the public tender, which is expected to be held in the coming days. The bonds are rated “Aa1” by Midroog, the Israeli affiliate of Moody’s. ($1 = 3.5780 shekels) (Reporting by Tova Cohen Editing by Steven Scheer)

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