Haifa Port will raise NIS 550 million in a private bond placement.
Sources inform ''Globes'' that Ashdod Port Company Ltd. has initiated procedures for obtaining a rating for the bonds it plans to issue. The company plans to issue NIS 200-300 million in bonds. Maalot The Israeli Rating Company Ltd. has already rated the bonds in the upcoming NIS 550 million issue by Haifa Port Company Ltd. AA/Stable. The bond issues come two years after the ports reform was carried out.
The Haifa Port is planning a private placement of 10-year bonds. Part of the proceeds will finance the port’s investment plan for the coming years, with an emphasis on equipment and cranes for the Carmel A Port project. Another part will back letters of credit from banks for the purchase of equipment. Haifa Port officials said that the high rating would enable the port to raise needed capital on easy terms after ten years of neglect in investment.
Published by Globes [online], Israel business news - www.globes.co.il - on May 7, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007