Yoel Goldman’s All Year Management [TRDataCustom] raised over $80 million on the Tel Aviv Bond Exchange in the company’s third bond offer this year, The Real Deal has learned.
Goldman increased the total ask to $100 million after seeing great demand in the market, sources said. After today’s institutional tender, another $20 million could be raised in public tender this week.
The bonds have a 6.1 percent interest rate and a duration of six years, the longest time frame for any U.S. company thus far. The interest rate on them, however, is significantly higher than the 3.95 percent awarded to All Year’s last bond offer in January, which was secured by the William Vale hotel in Williamsburg. This year, many U.S. real estate players have been able to score interest rates in the 3.5 to 4 percent range.
Goldman, whose portfolio includes over 140 rental buildings and the Rheingold Brewery project, entered the Israeli bond market in 2014 and has issued four bonds, with over $400 million currently in circulation.
All Year is one of 18 companies included in a newly-approved index on TASE that will consist of bonds issued by North American real estate companies.
All Year was advised on the deal by Rafael Lipa and Gal Amit of Victory Consulting.