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Real Estate Firm Seeks $70 Million Bond Offering to Repay Bank Debts
Seldan Real Estate, controlled by developer Oudi Sa'ada, plans to raise up to 285 million shekels via a bond offering to repay 230 million shekels in debts to Bank Leumi. The fundraising is critical as one 140 million shekel debt is due this month.
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What happened
- 01Seldan Real Estate aims to raise up to 285 million shekels through a bond offering.
- 02The funds are intended to repay 230 million shekels in debts owed to Bank Leumi.
- 03A significant portion of the debt, 140 million shekels, is due at the end of the current month.
- 04The company is offering collateral on two properties valued at a combined 356 million shekels.
- 05The bond issuance is structured as a tender for the interest rate, expected between 3.5% and 4.5%.
- 06Oudi Sa'ada, the controlling shareholder, has provided personal guarantees for the debts.
The company is offering collateral on properties valued at 356 million shekels and expects an interest rate between 3.5% and 4.5%. The funds will help manage debts on two major projects.
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