Israel Electric plans to lower debt by NIS 9 billion, issue new debt

By Angela McDaniels

Tacoma, Wash., July 22 - Israel Electric Corp. Ltd. will seek to reduce its total external debt by NIS 9 billion over a period of six years, according to a company report filed with the Singapore Exchange Ltd.

The company said this will reduce its leverage to 60% as recommended by the World Bank.

The board of directors approved a framework on Thursday for raising about NIS 4 billion of debt in 2011 to apply toward debt reduction and lower its general debt in 2011 by about NIS 1.25 billion.

The company will continue to carry out the development programs that were approved in the 2010 budget. It said it might seek external partners to assist in financing the development program, who would receive part ownership.

Israel Electric is a Haifa, Israel-based publicly controlled utility.

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