Strawberry Fields REIT Secures Increase on its Series A Unsecured Debentures on Tel Aviv Stock Exchange

Monday, April 17, 2017 General News
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SOUTH BEND, Ind., April 17, 2017 /PRNewswire/ -- Strawberry Fields REIT LLC (Strawberry Fields), an owner and lessor of nursing

homes, long-term acute care hospital facilities and medical office buildings in the Midwestern and Southern U.S., today announced it has successfully increased its Series A unsecured debentures on the Tel Aviv Stock Exchange by $11
million
. This increase was achieved through a private placement and brings the total Unsecured Bond Series A outstanding to $107 million.

The closing interest rate for the debentures was set at 5%, which is 1.4% lower than the original rate. 

Headquartered in South Bend, Indiana, In November 2015, Strawberry Fields originally raised NIS 200 million ($51.4 million) in the institutional phase of the offering. In response to excess demand of about NIS 415 million (or 2.1 times the amount sought) Strawberry Fields increased funding in the institutional stage to NIS 225 million and the total amount of the offering to NIS 265 million. The company is rated "A" by Standard & Poor's. In September 2016 the Company increased the series through public offering by an additional $22MM.

The institutional participants are primarily nostro accounts held by banks, insurance companies, and provident funds, but also include other institutional investors.

"We were pleased to secure this increase as it will enable us to continue to execute on our strategy to acquire and improve nursing homes, and long-term acute care hospital facilities," commented Moishe Gubin, CEO of Strawberry Fields. "The biggest benefit was that we received the money in shekels and are using shekels to make our next bond payment in June."

Strawberry Fields owns 57 facilities located in Illinois, Indiana, Ohio, Texas, Michigan Tennessee, Kentucky and Oklahoma. http://www.strawberryfieldsreit.com/

Media ContactPam Florespamflo@ameritech.net 773/218-9260

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/strawberry-fields-reit-secures-increase-on-its-series-a-unsecured-debentures-on-tel-aviv-stock-exchange-300439628.html

SOURCE Strawberry Fields REIT LLC



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