Hogan Lovells advises Mishmeret on bond issue on Tel Aviv Stock Exchange

Hogan Lovells has advised Mishmeret Trusts Company in its role as trustee and security agent for the high-yield issuance of $800m (£480m) of senior secured notes due 2021 by B Communications, which closed on 19 February 2014. B Communications owns a controlling stake in Bezeq, Israel’s largest telecommunications provider.

Tel Aviv-based Mishmeret is said to be the leading trust company in Israel, acting as trustee for holder of more than NIS50bn (approximately $17bn/£10bn) 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 US to qualified institutional buyers pursuant to Rule 144A under the US 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.