Strawberry Fields REIT Secures Increase on its Series B secured Debentures on Tel Aviv Stock Exchange

SOUTH BEND, Ind., Aug. 14, 2018 /PRNewswire/ -- Strawberry Fields REIT LLC (Strawberry Fields), headquartered in South Bend, Indiana, an owner and lessor of nursing homes, long-term acute care hospital facilities and medical office buildings in the Midwestern and Southern U.S., today announced it has successfully increased its Series B secured debentures on the Tel Aviv Stock Exchange by $34 million. This increase was achieved through a private placement and brings the total Unsecured Bond Series B outstanding to $100 million.

The closing interest rate for the expansion was set at 6.55%, and the funds will be used in acquisition of new properties. After issuing a total amount of $110 million in an unsecured Bond series A since November 2015, in April 2018 the Company issued $67 million in Bond Series B, which is secured by mortgages on 16 of its properties. The company total exposure to bond holders, after a couple of paydowns on Bond Series A during the last 2 years is $170 million. The company is rated "A" by Standard & Poor's Israel.

The Investors in both series of Bonds are primarily nostro accounts held by banks, insurance companies, and provident funds, but also include other institutional investors.

"We were pleased to secure this increase as it will enable us to continue to execute on our strategy to acquire and improve nursing homes, and long-term acute care hospital facilities," commented Moishe Gubin, CEO of Strawberry Fields.

Strawberry Fields owns 59 facilities located in Illinois, Indiana, Ohio, Texas, Michigan, Tennessee, Kentucky and Oklahoma.

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SOURCE Strawberry Fields REIT LLC