Blue Square-Israel subsidiary files 0.5 million IPO of units

By Jennifer Chiou

New York, Aug. 2 - Blue Square-Israel Ltd. subsidiary Blue Square Real Estate Ltd. announced an initial public offering of 0.5 million units on the Tel Aviv Stock Exchange, according to a 6-K filing with the Securities and Exchange Commission.

The Rosh Ha'ayin, Israel, food retailer said that each unit consists of five shares at a price of NIS 84 per share and NIS 200 of unsecured 6.25% group A debentures with maturity dates of seven to 10 years.

The aggregate price for each such unit is expected to be NIS 1,822.5. Should the offering succeed, Blue Square said it would receive gross proceeds of NIS 911.25 million.

The group A debentures will be convertible into Blue Square Real Estate shares at a price per share of NIS 100 until August 2008 and after that at NIS 300 per share. They will be offered for the par value of NIS 200.

The NIS 1,300 par value of group B unsecured debentures with maturity dates of seven to 10 years will pay interest at between 4.25% and 5%. The group B debentures will be offered for 92.5% of their par value.

In the institutional investors bid, Blue Square said it received requests for purchase of 1,183,417 units for a total of NIS 2,156,777,482.50.

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