Delek Petroleum and subsidiary Delek Israel Fuel Co. plan commercial paper issues.
Sources inform ''Globes'' that Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Petroleum Ltd. plans to raise NIS 500 million in a bond issue on the TASE. The proceeds will be used to finance the acquisition of additional gas stations in Europe through its subsidiary Delek Europe Ltd. Delek Petroleum has filed a draft prospectus with the Israel Securities Authority.
Delek Israel Fuel Corporation Ltd. (TASE: DLKIS) will also raise NIS 500 million in commercial paper. Standard & Poor's Maalot Ltd. has rated the initial NIS 100 million of paper A-1/Stable and will give a separate rating for the balance after further examination.
Delek Israel has an A+/Stable rating for NIS 761 million in current commercial paper. Delek Israel owns 20% of Delek Europe, while Delek Petroleum owns 80%.
Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2008
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