Israel Electric Corporation (IEC) (TASE: ELEC.B22) will try to raise $200 million in a bond offering for institutional investors in the US this week. Executives, including CEO Amos Lasker, today left for London on a road show for the issue, and will continue on to the US. JPMorgan Chase and Citigroup are the underwriters.
The offering is part of a decision by IEC's board, under chairman Moti Friedman, to raise an additional $1 billion. The new offering comes after the company raised $1 billion six months ago in an offering led by Citigroup and the now defunct Lehman Brothers.
In view of the financial crisis, IEC recently decided to lower expectations about an improvement in the market climate during the second half of 2009.
IEC's decision to further reduce the offering was expected in view of the financial crisis, and after the government last week approved the company's request to simultaneously raise NIS 500 million in a bond issue for institutional investors in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2009
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