Lightstone Receives A1/A+ Ratings and Issues $92 Million Corporate Bonds
NEW YORK, Aug. 17, 2016 /PRNewswire/ -- Lightstone Enterprises Limited, an affiliate of Lightstone a privately held real estate company founded by David Lichtenstein, announced the issuance of NIS 353 million, or approximately $92 million, of additional unsecured corporate bonds on the Tel Aviv Stock Exchange ("TASE").
The transaction, done through a public offering, was completed on Thursday, August 4, 2016. The bonds were issued at 5.4% premium to par value and carry the same interest rate and amortization terms as the previous issuances of bonds that were completed in November 2014 and August 2015, respectively. The additional offering brings the total bonds issued by Lightstone through TASE to NIS 933.1 million, or approximately $256 million.
"We are very proud of another successful issuance of bonds through TASE and believe that the associated pricing at a premium to par value illustrates the strength and quality of our real estate portfolio," said David Lichtenstein.
In connection with the transaction, Moody's subsidiary, Midroog, Ltd, and Standard & Poor's subsidiary, Maalot Ltd, reaffirmed their A1/A+ ratings of the bonds.
Poalim I.B.I. served as the lead underwriter for the issuance. Additionally, Ernst & Young – Kost, Forer, Gabbay & Kasierer served as the company's independent auditor and Shimonov & Associates served as its legal advisor.
About Lightstone
Lightstone is one of the most highly-regarded and diversified real estate companies in the United States. Since 1988, founder David Lichtenstein has grown Lightstone to one of the largest privately-held real estate companies in the country, with holdings in 24 states. Operating in all sectors of the real estate market, Lightstone's $2 billion portfolio currently includes over 6 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 3,500 hotel keys. It also owns over 12,000 land lots across the country. Headquartered in New York City, Lightstone continues to grow its local presence with $2.5 billion worth of projects currently under development in the residential and hospitality sectors.
For more information, visit www.lightstonegroup.com.
Contact:
Christopher Bastardi
212-729-2495
[email protected]
SOURCE Lightstone
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