By Jennifer Chiou
New York, Oct. 25 - TowerJazz announced that it has received early commitments from Israeli institutional investors for NIS 295.44 million of new series F long-term bonds due in December 2015 and December 2016.
The evenly split bonds will be linked to the exchange rate of the shekel and the dollar. The offer amount is equal to about $82 million.
The coupon will be 7.8%, payable semiannually beginning on Dec. 31, 2010.
The bonds will be convertible into TowerJazz shares at a 20% premium over the market price of the shares.
The public tender for the series F bonds is expected on Wednesday.
TowerJazz is a Migdal Haemek, Israel-based provider of design enablement tools.
| Issuer: | TowerJazz
|
| Issue: | Series F long-term bonds
|
| Amount: | NIS 295.44 million
|
| Maturity: | December 2015 and December 2016
|
| Coupon: | 7.8%, payable semiannually
|
| Conversion: | At a 20% premium to market price of shares
|
| Announcement date: | Oct. 25
|
| Offering date: | Oct. 27
|
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