Ellomay ups coupon on series B debentures due to S&P downgrade

By Marisa Wong

Morgantown, W.Va., Nov. 14 – Israel’s Ellomay Capital Ltd. announced an increase to the interest rate payable on its series B debentures, according to a 6-K filing with the Securities and Exchange Commission.

On Tuesday, Ellomay issued a press release saying that Standard & Poor’s Maalot Ltd. updated the rating of the company and its series A and series B non-convertible debentures that are traded on the Tel Aviv Stock Exchange. The ratings were lowered to ilBBB+ with a stable outlook from ilA- with a negative outlook.

Under the terms of the series B debentures, this rating downgrade triggers a 25 basis point increase to the interest rate.

For the current interest period from June 30 until the date of the rating downgrade, which is Nov. 13, the debentures will bear annualized interest at 3.44%.

During the period from Nov. 13 until the next interest payment date, Dec. 31, the debentures will bear annualized interest at 3.69%.

Based on these annual interest rates, the weighted average interest rate payable on the outstanding debentures on the next interest payment date will be 1.7533%, representing an annual interest rate of 3.5983%.

The annual and semiannual interest rates for the next payment periods will be 3.69% and 1.845%, respectively.

The coupon for the series A debentures will remain unchanged, the company noted.

Based in Tel Aviv, Ellomay operates in the energy and infrastructure sectors.

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