The issue was 2.8 times oversubscribed with purchase orders totaling NIS 2 billion.
Israel Petrochemical Enterprises Ltd. (TASE:PTCH) has raised NIS 700 million in a private placement of linked and shekel-denominated bonds to investment institutions. The underwriters of the issue were Leader Capital Markets Poalim IBI Underwriting and Investments (TASE: PIU), Apex Underwriting & Issue Management Ltd. Epsilon Underwriting & Issuing Ltd., and Leumi and Co Underwriters Ltd.
The linked bonds will bear 5.1% interest while the shekel-denominated bonds will bear 6.7% interest. Midroog rated the bonds A3.
The issue was 2.8 times oversubscribed with purchase orders totaling NIS 2 billion. The surplus demand, which came from a wide range of investment institutions, led the company to close the tender for both types of bond at the minimum interest rate.
Published by Globes [online], Israel business news - www.globes.co.il - on December 27, 2006
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