By Rebecca Melvin
New York, May 12 – Cellcom Israel Ltd. has sold NIS 200 million of units, consisting of 222 million of its series L debentures and 2.22 million of series 4 options to purchase ordinary shares, according to a company news release.
The offering was oversubscribed, and the price was NIS 907 per unit. Each unit consists of 1,000 debentures and 10 options.
The options entitle the holder to purchase one ordinary share at an exercise price of NIS 9.60 until Sept. 30.
According to an earlier release, the company planned to price up to 271,195,000 debentures and 2,711,950 options for a price of NIS 906 per unit.
The proceeds of the new securities are earmarked for general corporate purposes, including financing its operating and investment activities, payment of outstanding debt and dividend distributions.
Investors who committed early receive a 0.5% early commitment commission of the immediate consideration for the units they purchased.
Standard & Poor's Maalot reaffirmed an ilA/negative rating for the securities.
In December 2018, the company sold NIS 213 million of the series L debentures at NIS 916.5 per debenture for an effective interest rate of 4.34%.
Cellcom Israel is a cellular provider based in Netanya, Israel.
| Issuer: | Cellcom Israel Ltd.
|
| Issue: | Units (add-on of debentures with options)
|
| Amount: | NIS 200 million
|
| Price: | 907 per unit
|
| Option strike price: | NIS 9.60
|
| Announcement date: | May 12
|
| Rating: | S&P Maalot: ilA
|
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