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Israel's Internet Gold completes public tender for series D debentures
By Toni Weeks
San Luis Obispo, Calif., March 3 - Internet Gold-Golden Lines Ltd. said it completed on Monday the public tender for its 6% series D debentures.
According to a press release, the company accepted orders for 117,595 units of the non-convertible debentures, each with a principal amount of NIS 1,000, for a total principal amount of about NIS 117.5 million. The units were sold at NIS 1,070 each, and proceeds totaled about NIS 125.8 million.
Interest is payable semiannually in March and September of each year beginning Sept. 15, 2014. The principal amount and interest will be linked to the consumer price index of January 2014, the release said.
The company will repay the debentures in five installments on Sept. 15 of specific years as follows: 10% of the principal amount on Sept. 15 of 2018 and 2019, 30% of the principal amount on Sept. 15 of 2020 and 2021 and the final 20% on Sept. 15, 2022.
The company previously announced the results of the institutional and classified investors bidding process for the series D debentures on Feb. 27.
In 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 was used as the minimum price for the public tender.
In consideration for providing early commitments, the institutional and classified investors were to receive a 0.7% early commitment fee.
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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