By Jennifer Chiou
New York, Aug. 14 - Hadera Paper Ltd. (AA-, local) held an auction for Israeli institutional investors in which it priced NIS 125 million of its series IV debentures, according to a press release.
The debentures bear interest at 7.45%.
At auction, investors undertook to purchase NIS 300 million of the debentures, about six times more than the original planned offering size.
Because of the demand, Hadera's board increase the size of the offering to NIS 125 debentures.
The closing price set at the auction was NIS 1.042 per each 1 NIS par-value debenture.
Proceeds of the offering will be mainly used to partially or fully fund the new production line in the paper packaging field.
Hadera, formerly American Israeli Paper Mills Ltd., is a Hadera, Israel-based paper manufacturer.
Issuer: | Hadera Paper Ltd.
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Issue: | Series IV debentures
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Amount: | NIS 125 million
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Coupon: | 7.45%
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Price: | 104.2
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Pricing date: | Aug. 13
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Ratings: | Maalot: AA-
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