The company planned to raise NIS 250 million, but expanded the placement to NIS 350 million, after NIS 1 billion in orders were placed for the issue.
Rafael Armament Development Authority Ltd. completed a NIS 350 million private placement of bonds at the end of last week. The company planned to raise NIS 250 million, but expanded the placement to NIS 350 million, after NIS 1 billion in orders were placed for the issue.
Midrood Ltd. rated the bonds Aa1.
Rafael issued two series of bonds. The first series of bonds has an average duration of 4.8 years, and a low margin of 0.6% above the yield on corresponding government bonds. The second series has an average duration of 7.9 years, and a margin of 0.8%.
Poalim IBI - Underwriting and Issuing Ltd., Clal Finance Underwriting Ltd., and Meitav Underwriting Ltd. led the issue.
Published by Globes [online], Israel business news - www.globes.co.il - on March 26, 2006
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