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Hadera Paper/American Israeli Paper Mills Ltd. Authorizes New Series of Debentures

Hadera,  Israel, 06 July 2008  -- /PRNewswire/ -- Hadera Paper/American Israeli Paper Mills Ltd. (AMEX:AIP) [AIPM] announced that, following the shelf prospectus that was published by the company on 26 May 2008,  the company's board of directors today authorized the company's management to raise of up to approximately NIS 150 million by way of a public placement of new series of debentures. The scope of the issuance might change, according to market conditions. The interest rates that the new series of debentures shall bear will be determined at tender.

The issuance of debentures shall be executed according to a shelf offering report detailing the conditions of the issuance, to be approved by the company's board of directors and subordinate to the Tel Aviv Stock Exchange's approval for listing the debentures for trade. However, there is no certainty as to the actual execution of the raise, its extent, and its timing.

The company also announced that Maalot (Israeli Securities Rating Company Ltd., affiliation of Standard and Poor's) decided to rate the company's new and existing series of debentures as (AA-)/Negative Outlook.

Source: American Israeli Paper Mills Ltd. Group

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