Israeli's Koor Industries to issue up to NIS 600 million in debentures to local investors

By Reshmi Basu

New York, Aug. 14 - Koor Industries Ltd. said it has received approval from the Israeli Securities Authority to file a draft prospectus over a proposal to sell up to NIS 600 million of unsecured debentures due Sept. 1, 2016 to Israeli investors.

The principal and interest will be linked to the Israeli consumer price index, from the index published on Aug. 15.

The interest rate will range from 5% to 5.10%, based on the results of a public tender to be held on Aug. 17.

The issue of the debentures will be completed on Aug. 20.

Meanwhile Maalot, an Israeli securities rating company, rated the issue A+.

The Tel Aviv Stock Exchange has approved the listing of the debentures for trading.

Proceeds will be used for investments and for general corporate purposes.

Koor Industries, based in Rosh Ha'ayain, Israel, is an investment holding company focusing on high-growth, internationally oriented Israeli companies.

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