Israel Electric Corporation (IEC) (TASE: ELEC.B22) today reported to the Tel Aviv Stock Exchange (TASE) a bond issue of up to NIS 2 billion. IEC will expand its Series 28 and Series 29 bond series first issued in March 2017.
The issue will reportedly be up to NIS 1 billion, and could reach NIS 2 billion, "depending on the market conditions."
The company did not state the purpose of the bond issue, but it usually issues bonds in order to recycle its debt. According to IEC's most recent financial statements, its debt totals NIS 42 billion, after having been reduced by NIS 10 billion over the past four years.
IEC also reported that the terms for the bonds would be the same was for its existing bonds. The date of the issue was not stated, except to say that it is "subject to the company's considerations, approval by its board of directors, the fulfillment of appropriate market conditions, obtaining a rating from the bond-rating companies, approval by the Tel Aviv Stock Exchange Ltd. for registering the bonds for trading, and publication of a shelf proposal report by the company."
Published by Globes [online], Israel Business News - www.globes-online.com - on October 15, 2017
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