Israel’s Internet Gold sells NIS 71 million series D notes in exchange

By Tali Rackner

Norfolk, Va., Nov. 13 – Internet Gold - Golden Lines Ltd. placed NIS 70,470,969 par value of its series D debentures with institutional investors in Israel in exchange for NIS 69,429,526 par value, or 12.1%, 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, which were first issued in March 2014.

After settlement, NIS 506,321,803 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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