Haifa Port has an investment that approaches NIS 2 billion.
The first debt offering by an Israeli port is drawing near. Sources inform ''Globes'' that the board of Haifa Port Company Ltd. has approved a NIS 200 million bond issue to take place during the first quarter of 2008.
The offering is intended to finance part of Haifa Port's investment plan, which totals NIS 1.7 billion, and it plans to raise NIS 550 million in bonds to help finance it. This plan emphasizes expansion and the procurement of cranes and other equipment for the Carmel Port, which is due to open in the second half of 2008.
Haifa Port has already picked the underwriters for the offering: Poalim IBI Underwriting and Investments Ltd. (TASE:PIU), Apex Underwriting and Issue Management Ltd., and Clal Finance Underwriting Ltd. Maalot The Israel Rating Company Ltd. has given a preliminary rating of AA/stable outlook for the bonds. BDO Ziv Haft is the advisor for the offering.
Published by Globes [online], Israel business news - www.globes-online.com - on December 12, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007