Tamir Fishman Underwriting led the issue. The issue was increased from an originally planned issue of NIS 100 million.
Tamir Fishman Underwriting successfully led a NIS 243 million Israel Electric Corporation (IEC) bond issue. Tamir Fishman Underwriting co-CEO Shai Yitzhaki said the bond issue was increased from an originally planned NIS 100 million, due to heavy demand. This was IEC’s first bond issue since Moody’s downgraded IEC’s credit rating. Maalot the Israel Rating Company rated the bonds AAA.
The issue was a private placement in two series:
- NIS 89 million was raised in negotiable 22 Series bonds at NIS 101.60 each.
- NIS 154 million was raised in non-negotiable bonds bearing 6.75% interest.
The yield is 0.87% higher than on government bonds.
This is the third time in a row that Tamir Fishman Underwriting has led a private placement for IEC. Since December 2002, Tamir Fishman Underwriting has raised NIS 844 million for IEC.
Published by Globes [online] - www.globes.co.il - on February 12, 2003