On Thursday, Israel Electric Corporation (IEC) completed the institutional stage of an offering of two new bond series: series 30 (shekel-denominated with a duration of five years) and series 31 (index-linked, with a duration of 10.5 years) and raised NIS 1.6 billion. Demand for the offerings amounted to NIS 2.7 billion.
In the series 30 offering, IEC raised NIS 400 million at 2.55% (1% above the equivalent government bond) and in the series 31 offering it raised NIS 1.2 billion at 2.39% (1.53% above the equivalent government bond).
The offering was on the basis of the shelf prospectors that IEC published in April this year. The leading financial institutions in Israel took part.
The public stage of the offering is scheduled for Monday.
IEC chairman Yiftah Ron-Tal said, "IEC is undergoing renewal and is changing dramatically through the historic reform process. The company is financially stable and prepared for the challenges of a competitive market. The change is no less than genetic. The company is becoming more efficient, more transparent, and more technology-based."
Published by Globes, Israel business news - en.globes.co.il - on November 11, 2018
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