Israel's Internet Gold sells initial NIS 121.51 million series C notes

By Marisa Wong

Madison, Wis., Aug. 4 - Internet Gold - Golden Lines Ltd. said that it accepted early commitments from institutional investors for the purchase of NIS 121.51 million of 4.45% series C debentures linked the Israeli Consumer Price Index.

Internet Gold announced in July that it planned to issue up to NIS 200 million of additional series C debentures. The company completed the institutional stage of the offering on Thursday. The public tender for the debentures is expected to be held on Aug. 11, subject to approval from the Tel Aviv Stock Exchange.

Internet Gold said in February that it had sold a total of NIS 300.33 million of series C debentures, including NIS 130 million of reopened debentures in February and NIS 170.33 million of debentures sold in September 2010. The terms of the new series C debentures will be identical to those of the series C debentures issued in September 2010, according to the latest announcement.

The offering price set in the institutional tender stage was NIS 1.005 per debenture, which will be the minimum price for the public tender.

According to the announcement, institutional investors will receive an early commitment fee of 0.6%.

The debentures will only be offered in Israel and will not be registered under the U.S. Securities Act of 1933.

Midroog Ltd., an Israeli rating company affiliated with Moody's, assigned a local A3 stable rating to the planned debentures on July 18.

Internet Gold is a telephone and internet provider based in Petach Tikva, Israel.

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