NEW YORK— Lightstone has completed a Series B bond offering of $103 million 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 percent. To date, Lightstone has repaid $74 million of the Series A offering.
“The overwhelming success of our Series B offering, as well as the premium at which the Series A is trading, shows there is strong confidence in our track record at Lightstone,” said David Lichtenstein, CEO of Lightstone. “We are proud of the results we have delivered over the past few years and are poised to move forward with the vision we have for 2020 and beyond.”
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 28 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With over 178 existing properties, Lightstone’s over $6.5 billion portfolio currently includes over 4.5 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and 4,300 hotel keys. Lightstone also owns over 12,000 land lots across the country.
Headquartered in New York City, Lightstone continues to grow its development portfolio with over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles and Miami.