By Marisa Wong
Morgantown, W.Va., April 1 – Formula Systems (1985) Ltd. announced it issued NIS 300 million of series C debentures at par with a coupon of 2.29%.
Formula Systems conducted the Regulation S offering through a two-stage bidding process.
The principal is payable in seven annual installments from Dec. 1, 2020 through Dec. 1, 2026, the first five of which will be for 11% of the principal and the final two for 22.5% of the principal.
The company plans to use proceeds for general corporate purposes, which may include refinancing outstanding debt and financing operating and investment activities, acquisitions or dividend distributions.
The information technology company is based in Or-Yehuda, Israel.
| Issuer: | Formula Systems (1985) Ltd.
|
| Issue: | Series C debentures
|
| Amount: | NIS 300 million
|
| Maturity: | Dec. 1, 2026
|
| Coupon: | 2.29%
|
| Price: | Par
|
| Yield: | 2.29%
|
| Pricing date: | March 25
|
| Settlement date: | April 1
|
| Distribution: | Regulation S
|
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