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Moinian Raises Around $170M With Latest Israeli Bond Offering

01.18.2018

New York-based firm has now issued more than $530M in debt on Tel Aviv Stock Exchange

Moinian Limited, an Israel-based affiliate of The Moinian Group, raised nearly $170 million this week through a bond issuance on the Tel Aviv Stock Exchange—the second time the New York development firm has succeeded in raising funds in Israel to finance its U.S. real estate activities.

Moinian, which is among a wave of American real estate companies to have tapped the Israeli debt market in recent years, sealed the bonds at an interest rate of 3.05 percent—among the lowest coupons ever secured by a U.S. developer via a bond offering in Tel Aviv, according to sources with knowledge of the transaction.

The deal represents the company’s second Series B issuance of bonds on the Israeli bond market, after it raised more than $360 million in May 2015—at that time the largest debt offering by a U.S. real estate firm in Tel Aviv.

Combined, Moinian has now issued more than $530 million in bonds on the Tel Aviv Stock Exchange, according to sources, though the company pegged that amount at “approximately $550 million” in a statement announcing the deal. Moinian said it will use the funds raised to “provide greater flexibility in regards to acquisitions and financings.”

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