Israel's Internet Gold prices another NIS 121.52 million debentures

By Jennifer Chiou

New York, Aug. 10 - Internet Gold - Golden Lines Ltd. announced that it will issue NIS 121.52 million of additional 4.45% series C debentures linked to the Israeli Consumer Price Index.

The NIS 1.005 per-debenture price was determined through a public tender on Wednesday.

Two days ago, the company announced that the add-on would be sized at up to NIS 155 million with a NIS 23.25 million over-allotment option.

As reported, the company issued NIS 170.33 million of the debentures in September 2010 and an additional NIS 130 million in February. In July, it announced plans to issue up to NIS 200 million of additional debentures.

On Aug. 4, the company accepted early commitments from institutional investors for the NIS 121.51 million of the debentures. These investors received an early commitment fee of 0.6%.

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

The terms of the reopened debentures are identical to the terms of those issued in September 2010. The debentures will be payable in four equal annual installments on March 10 of each of the years 2016 through 2019.

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

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 service provider based in Ramat Gan, Israel.

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