Reuters: Financial Services and Real Estate: Property & Building seeks to refinance HSBC Tower

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Property & Building seeks to refinance HSBC Tower Apr 29th 2012, 10:56 JERUSALEM, April 29 | Sun Apr 29, 2012 6:56am EDT JERUSALEM, April 29 (Reuters) - Israeli real estate firm Property & Building said on Sunday it was in preliminary talks to refinance its borrowing on the HSBC Tower building in New York in the amount of $350-$400 million. Property & Building is negotiating with several foreign banks, it said in a statement to the Tel Aviv Stock Exchange. The current financing on the Fifth Avenue building is about $240 million and the company believes a new agreement will generate cash flow of $100-$150 million. Property & Building, a subsidiary of holding company IDB Group, also said it would post first-quarter net profit of 150 million to 190 million shekels ($40-$50.5 million), up from 22 million shekels a year earlier. The company said it was considering a bond offering of up to 400 million shekels that would expand its series 3 and 4 bonds. Any issue is subject to its board's approval, it said. Should an offering take place, Standard & Poor's Israel division Maalot said it would rate the bonds "A" with a negative outlook, while Moody's Israel affiliate Midroog said it would rate them "A1 stable". Property & Building's shares were up 2.8 percent in afternoon trading in Tel Aviv. Its bond prices were down as much as 2.3 percent.

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