By Tali Rackner
Norfolk, Va., March 7 – Ellomay Capital Ltd. said it accepted commitments for NIS 98 million of its 3.44% series B debentures in an institutional and classified investors bidding.
At the institutional tender, the company received early commitments to order about NIS 338.3 million of the debentures, of which the company accepted NIS 98 million (roughly $26.6 million) at par, according to a press release.
The institutional and classified investors will receive a 0.5% discount for their early commitment, the company noted.
Ellomay said on Feb. 28 that it filed a final prospectus for the issue of up to NIS 100 million series B unsecured nonconvertible debentures in Israel. On Tuesday, the aggregate amount was updated to NIS 125 million.
The total amount that the company expects to pay in arrangement fees and other expenses in connection with the offering (assuming total proceeds of about NIS 125 million, or roughly $34 million), including the early commitment fee, is about NIS 1.7 million (roughly $500,000).
When the public tender is completed and Ellomay receives the approval for listing the debentures on the Tel Aviv Stock Exchange, the offers by the institutional and other classified investors will be accepted by the company, the release noted.
The company will hold a public tender at a date that is yet to be published.
Proceeds are expected to be used for new investments, acquisitions or collaborations, including under the agreement with Ludan Energy Overseas BV and for other general corporate purposes, according to a 6-K filing with the Securities and Exchange Commission.
The debentures will not be offered in the United States or to U.S. persons, the company previously said.
Ellomay is a Tel Aviv company that focuses its business in the energy and infrastructure sectors worldwide.
| Issuer: | Ellomay Capital Ltd.
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| Issue: | Series B debentures
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| Amount: | NIS 98 million
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| Maturity: | June 2024
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| Coupon: | 3.44%
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| Price: | Par
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| Announcement date: | Feb. 28
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| Rating: | Maalot Ltd.: ilA-
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