Israel Electric seeks holder OK to issue NIS 1.5 billion more notes

By Angela McDaniels

Tacoma, Wash., Oct. 10 - Israel Electric Corp. Ltd. wants to issue an additional NIS 1.5 billion of its series 22 debentures but first needs the approval of the existing debenture holders, according to a company announcement.

A debenture holder meeting will be held at 3 a.m. ET on Oct. 30.

The company issued NIS 500 million of the debentures in 2002 and has since increased the issue size to NIS 6 billion.

Holders who wish to vote at the meeting by proxy should deposit the needed documentation with the general counsel and secretary of the company no later than 48 hours prior to the time of the meeting.

The holders of at least half of the debentures must be present in person or by proxy at the meeting, and at least 75% of the votes must be in favor of the resolution in order for it to pass. Every holder will be entitled to one vote for every NIS 1 par value of debentures.

Israel Electric is a Haifa, Israel-based publicly controlled utility.

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