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Management Side
Hadera Paper Ltd.
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Hadera, Israel,  20 May 2010  -- /PRNewswire/ -- Hadera Paper Ltd. (AMEX:AIP.a - News) filed with the Israeli Securities Authority a report with respect to a contemplated public offering in Israel pursuant to the shelf prospectus published by the company in Israel on 26 May 2008, of a new series of debentures (series 5 debentures).

The annual interest rates of the series 5 debentures will be determined at an auction, but will not exceed 5.85%.

On 10 May 2010, the company announced that Maalot (Israeli Securities Rating Company Ltd., an affiliate of Standard and Poor's) decided to rate the series 5 debentures as (ilA+)/negative.

On 17 May 2010, an auction for Israeli institutional investors was held as part of the contemplated public offering in Israel of the series 5 debentures. At the auction, the Israeli institutional investors undertook to purchase the series 5 debentures in the aggregate principal amount of approximately NIS 360 million, approximately five times higher than the original contemplated offering size of NIS 75 million.

On 18 May 2010, in light of the results of the auction for Israeli institutional investors, the company's board of directors resolved that the offering size would be up to NIS 200 million, instead of the originally contemplated offering size of NIS 75 million.

The company accepted undertakings from Israeli institutional investors to purchase the series 5 debentures in the aggregate principal amount of NIS 160 million bearing an annual interest rate of 5.85% (the auction rate). The issuance to the Israeli institutional investors that undertook to purchase the series 5 debentures bearing the auction rate is expected to be at a rate of 46.57% of their total undertakings.

The gross estimated proceeds of the offering, assuming a sale of all of the offered debentures, would be NIS 200 million. The net estimated proceeds of the offering, assuming a sale of all of the offered debentures, would be approximately NIS 198.6 million (approximately USD 52.8 million).

The series 5 debentures to be offered as part of the public offering in Israel have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

For further information, see the report on Form 6-K to be filed to the Securities and Exchange Commission by the company.

 

 

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