Hogan Lovells has advised Mishmeret Trusts Company Limited in its role as Trustee and Security Agent for the high yield issuance of $800 million of Senior Secured Notes due 2021 by B Communications, which closed on Wednesday 19 February 2014. B Communications owns a controlling stake in Bezeq, Israel’s largest telecommunications provider.
Mishmeret, a Tel-Aviv based company, is the leading trust company in Israel, acting as trustee for holder of over NIS 50 Billion (about $17 Billion) in debt by public and non public issuance.
It marks the first cross-border high yield bond issue to be listed on the Tel Aviv Stock Exchange and is the first cross-border transaction for Mishmeret.
The Notes were offered and sold in the United States to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, and to certain qualifying investors in offshore transactions, including in Israel, in reliance on Regulation S under the Securities Act.
The Hogan Lovells team was led by London capital markets partner Kit Johnson and associate Megan James, with partner Rob Ripin in New York.
