B Communications, the holding company that controls Israel’s incumbent telco Bezeq, has closed its NIS400m (US$108m) six-year bond issue.
On September, 21 the company announced that it had received NIS330.2m (US$89m) in pre-commitments from institutional…
B Communications, the holding company that controls Israel’s incumbent telco Bezeq, has closed its NIS400m (US$108m) six-year bond issue.
On September, 21 the company announced that it had received NIS330.2m (US$89m) in pre-commitments from institutional investors.
The interest rate for the Series B debentures was set by a public tender at 6.5% a year and will pay out in four annual instalments from 2016 to 2019.
The debentures will be listed on the TASE.
Net proceeds from the offering after deduction of fees and expenses is expected to be NIS395.8m (US$107.6m).
Midroog, an Israeli ratings agency affiliated with Moody’s, awarded the issue a A2 stable rating.
The advisers on the deal are Poalim IBI, Leader Capital Markets, Clal Finance, Giza Zinger Even, Barak Capital, Israel Discount Markets and Apex.
Bezeq previously announced that it had completed debt financing of NIS700m (US$188.4m), through loans from Israeli banks, with an average duration of 4.8 years on September, 1. The company also completed debt financing totalling NIS1.5bn (US$403.5m) through loans from Israeli banks, with an average duration of 4.6 years on April, 15.
B Communications, a holding company, owns 30.41% of Bezeq, Israel’s largest telecoms group. It is a subsidiary of Internet Gold.
B Com declined to comment on the story.
