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Raisings and issues
High demand in the institutional phase in the issuance of Delek Group bonds
Demands of over half a billion shekels were recorded.
Idan Wells, CEO of Delek Group: "Thank you to investors for their trust - continue to work hard and look ahead"
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Thursday, 21 October 2021, 10:39 Updated: 10:42
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Delek Group, managed by Idan Wells, last night recorded demand of over half a billion shekels as part of the institutional tender phase for the issuance of the new LV bond series.
Following the demand, the company's management decided to increase the volume of fundraising to NIS 360 million, compared to the initial plan to raise a total of NIS 180 million.
The company is expected to carry out the public tender phase of the offering in the coming days.
Series L6 will be secured by a first lien on the participation units of the subsidiary Delek Drilling, at a debt-to-collateral ratio of 100%.
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The Wells Age (Photo: Sivan Farage)
The interest rate at the institutional auction stage was set at 6.2%, the new series is a shekel series for an average life expectancy (MMM) of .43 years. The series is not rated. Which led to a significant strengthening of the company's cash flow, and a decrease in the net financial debt to NIS 4.1 billion, as of the end of the middle of 2021.
The offering was led by Discount Capital Underwriting, with the participation of Lider IPOs, Epsilon Underwriting, Barak Capital and Menora Mivtachim Underwriting.
Idan Wells, CEO of the Delek Group: "Completion of the raising is a significant milestone for the group, which together with the important actions we took last week, raising NIS 76 million and selling 75% of the land in Acre to the Tidhar and Harel partnership for NIS 150 million. Constitute a significant boost to the Group's cash flow and its financial flexibility.
We thank the investors who took part in the institutional phase for the trust, and continue to work hard and look ahead. "
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