Our firm represented Carasso Motors Ltd. in a 460 million bond funding, in two series. The funding included the issuance of a new series of bonds, subordinated to Carasso’s senior debt and secured by pledges on its leasing company’s vehicles, as well as expansion of a senior series.
Our firm represented PACIFIC OAK SOR (BVI) HOLDINGS, LTD (part of the PACIFIC OAK Group from California) in expansion of its series A bonds by a private placement to classified investors in the amount of NIS 245 million.
Our firm represented ETGA, one of the leading companies in Israel in the field of logistics, maritime, and air shipping, with extensive activity in the field of non-banking financing – in its first public offering (IPO), raising NIS 130 million for a total value of NIS 400 million (pre-money).
Our firm represented Solear on its prospectus for its initial public offering and offering of its shares on the Tel Aviv Stock Exchange Ltd., amounting to NIS 132 million, at a company value of approximately NIS 600 million.
Our firm accompanied Spencer Equity Group Limited in its private issuance of bonds (series B) to classified investors in the amount of NIS 250 million, by way of expanding the outstanding series.
Shimonov & Co. is representing Nofar Energy Ltd. in the largest equity offering on TASE so far for 2020 (NIS 600 Million).
Nofar Energy is represented by the firm’s partners Adv. Israel Shimonov and Adv. Ayana Wechsler, Adv. Igor Katz (head of Professional Dept) and associates- Adv. Tal Naar and Adv. Nofar Haber.
Our firm accompanied Gabay Properties and Development Ltd in its issuance of a new series of bonds, guaranteed by pledges over 2 entrepreneurial projects in Tel Aviv and Ashkelon, in which NIS 80 million was raised at an interest rate of 4.59%.
The IFLR1000 ranking guide has ranked Adv. Israel Shimonov – the firm’s founder, and Adv. Dudi Berland – a senior partner at the firm, as highly regarded lawyers, as well as Adv. Ido Lachman who has been noted as a rising star, in the capital markets area.
Our firm represented Sapir Corp in its completion of an expeditious arrangement with their bondholders. Adv. Amir Bartov, Adv. Nir Cohen Sasson and Adv. Shimrit Melman lead the company through the arrangement, part of which Sapir Corp proposed to make a partial early redemption of debentures in the amount of 28 million NIS (par value), to update the repayment schedule of the debentures and to add interest to the par value of the debentures. The court approved the settlement.
Our firm accompanied Copperline Americas Limited, in its completion of an IPO of a new Series of C bonds (which was carried out partially by an exchange offering of existing Series A bonds), in which the Company raised approximately 91 million NIS. The series was secured, inter alia, by a mortgage over one of the Company’s real estate properties in New York.
We are proud to announce that as previous years, the Israeli ranking guide BDI has ranked our firm as a leader in the Debt Settlement and Liquidations & Receiverships fields in this year’s ranking.
Our law firm represented The Leser Group, a real estate group that handles income-producing real estate in New York, in a round of raising a new series of bonds secured by a mortgage on three real estate properties in New York, amounting at NIS 168 million (with a total monetary value of 164 NIS million) at an interest rate of 5%.
Our firm is proud to represent Doral-Energy Group, a group expanding rapidly in the energy market in Israel and the US, in its IPO that took place this week. The IPO was made at a company value of NIS 575 million before raising capital. Dorel was represented by Adv. Israel Shimonov and Adv. Ayana Wechsler. The IPO was the first of its kind to take place since he Covid-19 crisis outbreak, and we are proud to say that even during these challenging times, our firm continues to be in the centre of business world in Israel.
Adv. Amir Bartov, senior partner at our firm represented Cal Auto Group during the last year in a complex recovery and settlement proceeding, as well as the sale transaction of the company that was acquired by Carasso Motors Ltd, another longtime client of the firm.
Completion of the complex merger transaction entailed the execution and completion of a large-scale voluntary creditors’ agreement which involved many funding institutions outside the court’s discretion, in full cooperation with the company’s financial creditors.
Our firm wishes both clients good luck in their future endeavors in the automotive business.
As in previous years, our firm has been ranked by the international ranking guide, The Legal 500, among the top Israeli law firms in the Capital Market practice area – with Adv. Israel Shimonov ranked as one of the foremost experts in the field. The guide also acknowledged our firm as a leader in the Insolvency practice area which is lead by Adv. Amir Bartov.
Additional COVID19 crisis concessions for the capital markets:
The Israeli Securities Authority announced yesterday additional concessions for regulated entities, primarily granting a 30-days extension for filing the quarterly reports for the first quarter (until June 30, 2020), as well as a postponement of the expiration of shelf prospectus by 60 days for prospectuses that expire during this period.
The Israeli Securities Authority (ISA) announced a few reliefs following implications of the Coronavirus outbreak on the business operations of reporting corporations. The ISA announced a 30 days extension for Israeli corporations to publish their periodic reports for the year of 2019 (till 30.4.2020).
Shimonov & Co. law firm is proud to be ranked as a leading firm in the Capital Markets practice area by the Chambers and Partners International Ranking Guide for 2020, as well as the ranking of Adv. Israel Shimonov and Adv. Amir Bartov as Israel’s leading lawyers in their fields.
Our law firm, represented Elad Group, Izhak Tshuva, real estate group in North America in a NIS Million 500 of bonds which were offered to institutional investors and registered on Rezef – TASE. Elad was represented by, Israel Shimonov, Dudi Berland, Oren Elkabetz, Benjamin Ben Zimra and Ido Lachman
Two Israeli medical cannabis companies are merging – Cannbit Pharmaceuticals Ltd. has completed its acquisition of “Tikun Olam” activity in Israel. Simultaneously, Cannbit completed a public equity offering of NIS 26.5 million, a big step in the Israeli medical cannabis industry. Cannbit was represented by Adv. Israel Shimonov and Adv. Nir Cohen Sasson.
The Carasso Group signed a conditional sale agreement for the purchase of car leasing and rental company “Cal Auto” which, subject to several suspensive conditions, will enter into effect. This is a strategic transaction that will expand Carasso’s car leasing and rental activities.
Cal Auto has line of credit from the banking industry, excluding the First International Bank Ltd. Cal Auto’s liabilities amount to NIS 1.45 billion, with total assets amounting to NIS 1.6 billion. As part of the transaction, Carasso assumed Cal Auto’s liabilities.
Cal Auto Group is represented by adv. Amir Bar-Tov and Ayelet Berkovich Simchovitch.
The companies Ortam Sahar Engineering Ltd, Ortam Sahar Infrastructures and Construction Ltd. and Malibu Construction Ltd. (hereinafter – “the Ortam Group”), with respect to which a creditors arrangement was authorized in 2016 by the Tel Aviv Jaffa District Court, filed a petition to commence proceeding, by way of a stay of proceedings, due to cash flow difficulties the Group experienced in the wake of the creditors arrangement. This was due to the group’s inability to take out loans in order to issue bank guarantees for the parties that commissioned the projects, to support their new activity. The president of the Tel Aviv Jaffa District Court, the Hon. Judge E. Orenstein, granted the motion and appointed the trustees for the previous arrangement as trustees for the Group companies.
The companies were represented by adv. Amir Bar-Tov and Shimrit Melman from our Firm.
Dori Construction Ltd. has filed through our Firm – adv. Amir Bar-Tov, Shimrit Melman and Liron Sapir, a motion for stay of proceedings with the Tel Aviv-Jaffa District Court, in view of the numerous legal proceedings initiated by project developers, which caused the company cash flow problems.
The motion for stay of proceedings included an offer by the controlling shareholder, Amos Luzon Development and Energy Ltd. to reach a creditors’ arrangement, to settle the company’s debts in an orderly fashion under the court’s supervision.
Our firm represented Namco Realty, which holds commercial shopping centers across the USA, in a NIS 400 million (400,000,000 NIS) bond raise on the TASE.
Our firm represented Elad Canada (owned by Mr. Yitzhak Tshuva) in a NIS 500 million (500,000,000 NIS) bond raise on the TASE.
In 2019, the firm accompanied in a groundbreaking and first-of-its-kind IPO Prospectus, when for the first time ever, a U.S. REIT with an UPREIT structure was introduced on the TASE to offer shares to the Israeli public, for which reason the REIT underwent the full listing process in Israel and not a dual listing.
Our firm represented the huge real-estate developer Westdale Properties, from Dallas, Texas, in a NIS 500 million bond raise (IPO) on the TASE, conducted by way of book building.
As in previous years, our firm has been ranked by the international ranking guide, The Legal 500, among the top Israeli law firms in the capital market and insolvency practice areas, with Adv. Israel Shimonov ranked as one of the foremost experts in capital markets.
Among other things, our firm has been described as “a real force in the capital markets space.“
We are very pleased and glad to announce that Adv. Benjamin Ben Zimra was promoted to be a Partner in our firm from January 1st 2019.
Adv. Benjamin Ben Zimra is an associate in our firm since 2014 and is specialized in foreign companies’ representation specially from the US and is a co-head of the US companies department in our firm alongside with Adv. Dudi Berland, Partner.
Our firm represented MRR Thirteen Limited, controlled by industrialist Anand Mahindra, New York real estate owner and developer Rotem Rosen and Jerry Rotonda in the acquisition of Hotel Indigo Lower East Side New York. The transaction was financed by means of USD 100 million in equity provided by the controlling shareholders, as well as USD 73 million in debt financing at the TASE in bonds backed by a primary lien on the hotel.
Our firm represented Yitzhak Tshuva’s real estate giants Elad Canada Realty Inc. in a NIS 204 million bond offering at the TASE.
Our firm represented the Saidoff group in one of the largest and most prominent transactions in recent years, involving the acquisition of control in real estate and infrastructure giant Shikun & Binui from the Arison group.
Adv. Amir Bar-Tov and Aina Wexler from our Firm represented the Seydoff Group, which is owned by American businessman Naty Saydoff, in a transaction to acquire a controlling interest (46.9%) in the real estate and infrastructures company “Shikun & Binui” from Arison Investments, owned by Shari Arison, for NIS 1.1 billion.
Our firm represented Israel Canada Ltd. with respect to a share offering to accredited investors, in an amount of approximately 100 million NIS.
Our firm represented Fattal Assets (Europe) Ltd. in a private placement of 35,195,000 debentures (Series C) ranked as “A1” by Midroog Ltd. And totaling 35.4 million NIS.
Our firm represented Advantech Technologies (I.T.) Ltd. in the updating of its financial plan, that included a financing transaction in the framework of which a loan was granted to the company by a private investor, part of which was convertible to share capital of the company, alongside the financing by a banking institution, totalling approximately 19 million NIS and used for the repayment of approximately 20 million NIS in off-bank financing.
Our firm represented Netz Group Ltd. in a private offering of 910,962 ordinary shares to a private investor.
Our firm represented Amos Luzon Development and Energy Group Ltd. in a private placement of 11, 724, 991 unregistered options (12/16 series) to the company’s CEO.
