Israel’s Internet Gold sells NIS 40 million series D notes in exchange

By Susanna Moon

Chicago, June 20 – Internet Gold - Golden Lines Ltd. said it placed NIS 40,427,100 par value of its series D debentures with institutional investors in Israel in exchange for two series of its notes.

The new issue was issued in exchange for NIS 18,425,000 par value, or 15%, of the company’s outstanding series B debentures and NIS 19 million par value, or 2.7%, of its series C debentures, according to a 6-K filing with the Securities and Exchange Commission.

The private placement was structured as an add-on to the outstanding series D debentures issued in March.

After settlement, NIS 104,541,473 of the series B debentures and NIS 678,853,372 series C debentures will remain outstanding.

The terms of the newly issued series D debentures will be identical to the terms of the notes issued in March. The newly issued notes will be listed on the Tel Aviv Stock Exchange.

Midroog Ltd., an Israeli rating company affiliated with Moody’s, previously gave a local Baa1 stable rating for the series D debentures.

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

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