AFI Europe seeks €130m via share offering

Having concluded painful debt settlement arrangements with bondholders and banks, and with around €200m in short-term bonds to pay by May 2011, AFI Europe hopes to raise €130m to float a mixture of new and old shares. Haaretz gives the details:

AFI Europe’s ownership equity totaled 198 million euro ‏(NIS 966 million‏) at the end of June. Along with owners’ loans extended by Africa-Israel Properties totaling 265 million euro ‏(NIS 1.3 billion‏), the company’s total economic equity was 463 million euro ‏(NIS 2.26 billion‏).

The intention is to raise 130 million euro ‏(NIS 635 million‏), with the expectation that this will yield 100 million euro ‏(NIS 490 million‏) for new capital, with the 30 million euro ‏(NIS 146.5 million‏) balance being an offer of existing shares from the parent company, to go toward paying down its bond debt and completing projects in Israel.

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