Real estate investor Lightstone has completed a $103 million Series B Bond offering on the Tel Aviv Stock exchange. The bonds were sold by Lightstone Enterprises Limited (LEI), a BVI-registered public company that is a wholly-owned entity of Lightstone. The bonds, rated A1 by Moody’s Midroog and A+ by S&P Maalot, are backed by a portfolio that included properties in New York, Florida, California, Michigan and Alabama.
Lightstone initially sought to raise $73 million when it issued the bonds in September 2019. However, given strong sales for the initial offering and positive investor reception, they were able to raise $103 million at the same interest rate.
This is Lightstone’s second successful bond offering on the Israeli bond market, cumulatively totaling $348 million. The firm had an initial Series A offering of $245 million consisting of an initial offering and two successful follow-on offerings between 2014 and 2016. Those Series A bonds are currently trading at a premium of 108.52%. To date, Lightstone has repaid $74 million of the Series A offering.