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| David Federman |
Nitzan Cohen
The company is trying to raise NIS 290 million from the public.
Israel Petrochemical Enterprises Ltd. (TASE:PTCH), controlled by David Federman and Alex Pesel, today received approval from the prime minister and minister of finance to attach Oil Refineries Ltd.(TASE:ORL) shares currently encumbered in favor of Bank Hapoalim(TASE: POLI) in favor of holders of bonds to be issued this Wednesday.
The bond issue terms state that Israel Petrochemical is seeking to raise NIS 290 million from the public at an interest rate to be determined in a tender. The maximum interest rate will be 7.35% - a spread of 690 points from the corresponding interest rate on risk-free bonds. The duration of the bonds will be 3.7 years.
The new series of bonds to be issued will be backed by a senior lien on Oil Refineries shares to be released from a lien in favor of Bank Hapoalim and the Bereshit fund after the debt to these firms is paid. Interest on the new bonds will be paid yearly on September 30 in 2018-2021.
