Paz raises NIS 400m debt in TASE bond issue

Paz Photo: Eli Yahav
Paz Photo: Eli Yahav

There was demand of NIS 1.3 billion from institutional investors, more than three times the amount being raised.

Paz Oil Company Ltd. (TASE:PZOL) yesterday raised NIS 400 million in a bond issue on the Tel Aviv Stock Exchange (TASE). The company expanded its Series 8 bonds with a 6.3 year maturity and which had debts of NIS 1 billion before yesterday's issue.

There was demand of NIS 1.3 billion from institutional investors, more than three times the amount being raised. Leader Capital Markets led the bond issue.

Interest in the institutional stage of the fund raising was 1.04% compared with a maximum interest of 1.55% and lower than the 1.2% yields typical of bonds traded on the TASE today.

The bonds raised will serve Paz for recycling debt. Paz CEO Yona Fogel said that, "The high demand reflects the financial strength and status of the company in the eyes of investors in general and institutional investors in particular."

Published by Globes, Israel business news - en.globes.co.il - on April 18, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Paz Photo: Eli Yahav
Paz Photo: Eli Yahav
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018