Israel's Alon Blue Square to sell up to NIS 115 million 2½% notes

By Susanna Moon

Chicago, Nov. 8 - Alon Holdings Blue Square - Israel Ltd. said it plans to issue NIS 100 million of 2½% notes due 2022 with an option for another NIS 15 million if the offer is oversubscribed.

The series C notes will be linked to increases in the Israeli Consumer Price Index for the month of September.

The public tender for the notes is expected to be held on Tuesday.

Proceeds will be used for general corporate purposes, which may include financing the company's operating and investing activity and funding continued dividend distributions.

The company announced plans on Nov. 2 for the public offering of 5.75-year series C notes in Israel. The offering of series C notes were to be made following the company's receipt of NIS 400 million of bank loans in October.

The company said that on Aug. 10 Midroog Ltd. assigned an A1 local rating to any new notes of up to NIS 500 million the company may issue. Thus, the series C notes, if issued, would receive an A1 rating.

Based in Rosh Ha'Ayin, Israel, Alon Holdings Blue Square owns and operates supermarkets and specialty stores.

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