IC Power Israel Ltd. Issues Bonds in an Aggregate Principal Amount of ILS 320 Million
Kenon Holdings Ltd. announced that IC Power Ltd.'s subsidiary IC Power Israel Ltd. has issued bonds in an aggregate principal amount of ILS 320 million (approximately $89 million). The bonds accrue interest at a rate of 4.95% which is payable semi-annually beginning in 2018, with final maturity occurring in December 2030. The bonds were issued in a private placement to qualified investors. The proceeds of the bonds will be disbursed to ICPI upon completion of a reorganization, whereby ICPI, which is currently the holding company of OPC-Rotem, will also become the holding company of OPC-Hadera. The proceeds of the bonds will be partially used to repay in full ICPI's mezzanine loan in the amount of $62 million (including an early prepayment cost of $6 million).