By Jennifer Chiou
New York, Nov. 16 - Ampal-American Israel Corp. announced it sold NIS 250 million of unsecured notes in a private placement to institutional investors in Israel.
The company said that the 5¾% interest rate is linked to the Israeli consumer price index and the notes will be repaid in five equal installments annually, beginning in November 2011.
Ampal added that the notes will rank pari passu with its unsecured debt and that proceeds will go towards general corporate purposes.
Ampal added it intends to register the notes in the Tel Aviv Stock Exchange. Until the listing is complete, the company said it will pay an additional annual interest rate of 0.5% on the notes.
Tel Aviv-based Ampal invests in Israeli energy, real estate, project development and leisure companies. It announced plans for the offering on Nov. 6.
| Issuer: | Ampal-American Israel Corp.
|
| Issue: | Unsecured notes
|
| Amount: | NIS 250 million
|
| Coupon: | 5¾%
|
| Maturity: | 2015
|
| Announcement date: | Nov. 6
|
| Settlement date: | Nov. 19
|
| Rating: | Midroog: A3
|
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