Israel Electric eyes private placement of NIS 3 billion debentures

By Marisa Wong

Madison, Wis., Nov. 7 - Israel Electric Corp. Ltd. announced that its board of directors approved on Nov. 5 the private issuance of non-negotiable debentures in Israel.

The company may choose to issue a new series of debentures or to expand its series 2022 debentures. In either case, the total amount of debentures is not to exceed NIS 3 billion.

The company said the purpose of the issuance is increase its security net to up to NIS 2 billion, to refinance its emergency plan stage B and emission reduction plan and to move up fundraising from 2013 to 2012.

Israel Electric also announced that the board approved an expansion of its existing series 24 and/or series 25 state-guaranteed debentures by NIS 600 million, or any amount agreed to by Israel's Ministry of Finance.

On Nov. 6 the ministry said it would guarantee NIS 1 billion of debentures, including NIS 500 million for issuance in November. Israel Electric said in a report on Wednesday that it plans to issue NIS 1 billion of state-guaranteed debentures in the near future.

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

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