Israel’s Internet Gold sells NIS 107 million series D notes in exchange

By Marisa Wong

Madison, Wis., Oct. 6 – Internet Gold - Golden Lines Ltd. placed NIS 106,813,717 par value of its series D debentures with institutional investors in Israel in exchange for NIS 103,102,043 par value, or 15.2%, of the company’s outstanding 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 2014.

After settlement, NIS 575,751,329 series C debentures will remain outstanding.

The terms of the newly issued series D debentures will be identical to the terms of the original 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 assigned a local Baa1 stable rating to the series D debentures.

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

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