Encore Enterprises is a real estate Investment company, operating out of its headquarters in Dallas, TX.
Led by InFin, Encore Properties issued ~US$170m in 2 different bond series with a duration of 5.5 years (series A) and 4.5 years (series B).
The issued portfolio includes 23 assets with a total value of US$580m (Encore’s share is ~US$320m), out of which 3 assetst are currently under development.
The company's share in the NOI (post-transaction) is ~$13m and is expected to grow during the next couple of years.
Series A (a secured bond series) is secured by 7 income producing assets (2 offices, 1 hotel and 4 retail properties) with a total value of ~US180m. As part of the issuance, series A maximum LTV rate was set at 75% (according to the properties’ full fair market value); Series B was issued as unsecured bond series.
The tender received an overall demand of US$205m (~140% over-subscription).
The bond proceeds were used to buy out partners and to replace current expensive debt. Two months post the initial issuance, Encore had issued an additional US$20m by executing a private placement in Israel.