Amos communications satellites operator Spacecom Satellite Communications Ltd. (TASE:SCC) received more than NIS 600 million in orders in the institutional tender of its bond issue, in which it planned to raise NIS 200 million. As a result, the company decided to increase the amount of the offering to NIS 309 million in the institutional tender.
Spacecom is offering two Consumer Price Index (CPI) linked bond series, one at a fixed interest rate, and the other at variable interest. For the Series 10 bond, the company obtained commitments for NIS 250 million at a maximum variable interest rate of 4.5%. Out of the orders for the Series 11 bond, the company obtained commitments for NIS 59 million at an interest rate of 3.5%. The company will set the final amounts and interest rates for both bonds during the public tender next week.
Spacecom's revenue comes from leasing bandwidth on its Amos satellites.
Shaul Elovitch's Eurocom Group owns 51.55% of Spacecom, and Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) owns 14.9%. The company's share price rose 0.9% by midday to day to NIS 76.66, giving a market cap of NIS 1.38 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on April 18, 2010
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