Encore Opportunities, Ltd. public bond issuance on TASE now totals NIS 455 million raised to-date

July 08, 2024 05:02 AM Pacific Daylight Time

DALLAS–(BUSINESS WIRE)–Encore Enterprises, Inc. (Encore) today announced it raised an oversubscribed $72 million within 60 days on the Tel Aviv Stock Exchange (TASE) on issued debentures worth NIS 265 million backed by Encore Enterprises subsidiaries. To date, Encore has raised NIS 455 million through Encore Opportunities, Ltd. (EOL) which currently comprises 50 holdings, including dental practices and free-standing emergency rooms that were contributed in the form of corporate bonds. The funds raised will be used to pay off existing loans totaling about $63 million, and any remaining funds will be utilized to acquire new dental practices and run the current operations. With the existing loans paid down, the bonds will be considered the senior lender.

“Long-term holds also safeguard against market contractions as we’ve witnessed with our successful real estate-backed bonds.”

Introduced in January 2022, EOL was established to collateralize Encore’s operating companies to grow ownership stake while providing consistent cash flow to investors. It is one of the first U.S. operating companies offered on the TASE and has remained oversubscribed. EOL follows the success of Encore Properties, Ltd. (EPL), also offered on the TASE, which was established in 2017 to collateralize debt from Encore’s real estate holdings and today stands at NIS 918 million in total funds raised.

“Collateralizing our operating companies through Encore Opportunities, Ltd. provides us with the necessary cashflow to grow the portfolio and enables us to have longer holds while also satisfying the needs of investors,” said Bharat Sangani, M.D., Encore Enterprises chairman and CEO. “Long-term holds also safeguard against market contractions as we’ve witnessed with our successful real estate-backed bonds.”

Encore’s dental subsidiary aims to improve the business of dentistry and access to dentistry by providing the highest value non-clinical dental services to dental practices nationally, with management services that let dentists focus on being the best clinician, maximizing their wealth creation for retirement. It currently operates 37 practices across 13 states, with affiliate practices showing an average of 52% growth in EBIDA after the first year of affiliation. Management services include operations management; revenue cycle management; clinical support; procurement; human resources management; accounting and finance; sales and marketing; legal, regulatory and risk management; and IT and systems support.

About Encore Enterprises, Inc.

Founded in 1999, Encore Enterprises, Inc. (Encore) is a vertically integrated, diversified investment firm based in Dallas. Since inception, Encore has completed over 150 commercial real estate transactions valued at $3.7 billion, with $1.8 billion current AUM across 32 states. Focusing on opportunistic and value-add strategies in non-gateway markets throughout the U.S., Encore develops, acquires and manages mixed-use retail centers, multifamily apartment developments, limited and full-service hotels, commercial office buildings and Veterans’ administration medical office centers. Encore also acquires operating companies in the medical, dental and restaurant industries as part of its sustainable investment model. Encore boasts one of the best 25-year track records in the industry, underscoring the firm’s focus on operational stability, prioritization of capital preservation and strength across market cycles. Encore investment offerings are available through Ignite Investments, a wholly owned subsidiary and the exclusive investor relations platform for Encore Enterprises. To learn more, visit https://encore.bz.

Contacts

Amy Dunaway
media@encore.bz
214.259.2400

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