Israeli power utility IEC raises $500 mln through bond offering
By Trend
State-owned Israel Electric Corp (IEC) has raised $500 million through dollar-denominated bonds sold to institutional investors in the United States and Europe, it said on Wednesday, adding that there was demand for $2.5 billion, Trend reports with reference to Reuters.
The 10-year bonds will pay a yield of 3.79%, or 1.75 points above comparable U.S. Treasuries, IEC said.
Ofer Bloch, chief executive of IEC, said the company had set a goal of diversifying its financing sources after four years out of international markets.
The offering was underwritten by Barclays and BNP Paribas.
Electricity usage jumped in January during a stretch of cold weather before rising coal prices boosted power prices at the start of February.
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