Africa Israel Investments, an Israel real estate developer, raised $129 million in a bond offering to institutional investors. Lev Leviev, who owns Africa Israel, says he expected to raise a total of $231 million when the sale is open to the public.
The bonds are 5-year, which will be paid between 2018 and 2032 and are rated A3 by Midrog, an Israeli affiliate of Moody’s. The capital will be used to pay down debt, as the company was harmed by the real estate crisis in the U.S. and Russia. The company defaulted on some of its bonds and has had to restructure its debt.