Bezeq raises NIS 870m in debt

The company planned to raise NIS 600 million, but increased the amount when the offering was over-subscribed two fold, at NIS 1.2 billion.

22 May 13 14:33, Shiri Habib-Valdhorn

Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) today raised NIS 870 million in debt, by expanding two current bonds, just two days after announcing its intention to do so. The company planned to raise NIS 600 million, but increased the amount when the offering was over-subscribed two fold, at NIS 1.2 billion.Bezeq expanded its Series 6 Consumer Price Index (CPI) linked bond, which matures in 2018, by NIS 680 million. The bond bears an effective interest rate of 2.16%. It also expanded its unlinked Series 7 bond, which bears an effective interest rate of 2.81%, by NIS 190 million.

“The yields reflect investors’ absolute confidence in Bezeq’s financial soundness,” said Bezeq CFO David Mizrahi.

Bezeq, controlled by Shaul Elovitch’s Eurocom Group through Internet Gold Golden Lines Ltd. (Nasdaq: IGLD; TASE:IGLD) subsidiary B Communications Ltd. (Nasdaq:BCOM; TASE: BCOM), has a market cap of NIS 12.7 billion.

Published by Globes [online], Israel business news – www.globes-online.com – on May 22, 2013

Bezeq raises NIS 870m in debt

The company planned to raise NIS 600 million, but increased the amount when the offering was over-subscribed two fold, at NIS 1.2 billion.

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