Israel's Internet Gold gets early bids for series D debentures; public offer set for March 3

By Marisa Wong

Madison, Wis., Feb. 27 - Internet Gold-Golden Lines Ltd. said it completed on Thursday the institutional and classified investors bidding process for its offering of series D debentures in Israel.

At the classified bidding, the company received early commitments for 263,070 units of the debentures, each with a par amount of NIS 1,000, according to a press release.

Of those early commitments, the company accepted commitments to purchase 96,000 units at a price of NIS 1,070 per unit for a total consideration of about NIS 102.7 million. That price represents an effective interest rate of 4.9% and will constitute the minimum price for the public tender.

In consideration for providing early commitments, the institutional and classified investors will receive a 0.7% early commitment fee.

The public tender for the series D debentures is expected to be held on March 3.

The newly issued debentures will be listed on the Tel Aviv Stock Exchange.

The company previously announced that Midroog Ltd. assigned a local Baa1 stable rating for its proposed issuance of up to NIS 120 million of series D debentures.

Internet Gold is a telephone and internet provider based in Ramat Gan, Israel.

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