By Susanna Moon
Chicago, Oct. 23 - Tower Semiconductor Ltd. (TowerJazz) sold about NIS 95 million of additional 7.8% series F bonds. The original issue priced in October 2010.
The Regulation S bonds will be repaid in two equal installments in December 2015 and December 2016.
Each bond priced at NIS 0.925, reflecting a 2% discount to its closing price of NIS 0.947 on the Tel Aviv Stock Exchange on Oct. 22, according to a company news release.
The bonds may be converted into shares at a conversion ratio of NIS 38.21 par value of bonds, reflecting a 20% premium over the company's closing price on the Nasdaq on Oct. 22, according to a company news release.
The bonds are denominated in Israeli shekels and linked to the dollar.
TowerJazz manufactures integrated circuits and is based in Migdal Haemek, Israel.
| Issuer: | Tower Semiconductor Ltd.
|
| Issue: | Series F bonds
|
| Amount: | NIS 95 million (approximately)
|
| Maturity: | December 2015 for half of bonds, December 2016 for other half
|
| Coupon: | 7.8%
|
| Price: | NIS 0.925
|
| Conversion ratio: | NIS 0.925
|
| Settlement date: | Oct. 22
|
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