All Year raises roughly $20M on TASE following broader bond crisis

Firm raised the money at a 6.4% effective rate
By Eddie Small and Kevin Sun | May 07, 2019 04:30PM

The move makes All Year the second U.S. firm to raise money on the Tel Aviv Stock Exchange this month. (Credit: iStock)

The move makes All Year the second U.S. firm to raise money on the Tel Aviv Stock Exchange this month. (Credit: iStock)

Troubling financial disclosures sent bonds issued by American developers in Israel into a spiral late last year. But now, the market is showing some signs of recovery.

Yoel Goldman’s All Year Management has just raised roughly $19.5 million on the Tel Aviv Stock Exchange, according to financial documents and sources familiar with the deal. The bonds carry an effective rate of 6.4 percent.

The move makes All Year the second U.S. firm to raise money on the Tel Aviv Stock Exchange this month, following Dallas-based Westdale Asset Management, which raised $140 million at a 4.8 percent interest rate.

All Year isn’t a newcomer to the Israeli market. This is the company’s third private offering of Series B5 bonds since 2018, and this latest offering will bring the total circulation of All Year B5 bonds to over 820 million shekels, or about $228 million. The bonds will mature in July 2024. All Year did not respond to a request for comment.

But Goldman’s firm is one of the several American companies that ran into issues on the TASE. In early December, the firm reported what it described as an accidental transfer of $3.7 million in company funds to Goldman’s personal accounts. Its bonds were downgraded on the exchange after this, and bondholders filed a class-action lawsuit against the firm in Israel in January, accusing it of breaching securities laws.

All Year’s latest bonds were offered at 87.63 cents on the dollar, according to TASE documents. That’s less than last year’s offerings, which went for 93.85 and 95.2 cents on the dollar, respectively.

The company is working on a rental megaproject in Bushwick at 123 Melrose Street — the Rheingold Brewery site — where it recently landed a $65 million mezzanine loan from Mack Real Estate Group.