The Israel Land Development Company Limited announces public offering of bonds and options.TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel--(BUSINESS WIRE)--June 5, 1997--The Israel Land Development Company Ltd. ("ILDC ILDC Independent Lumber Dealers Co-operative ILDC Incremental Length Diffraction Coefficient ") (NASDAQ/NMS Symbol: ILDCY) today announced a public offering of Series No. 7 Bonds at a value of NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. 78 million (approximately US$22.9 million) ("Bonds (Series 7)"), payable in three equal payments on December 5 in the years 2006, 2007 and 2008. The principal is linked to the Israeli Consumer Price Index ("ICPI ICPI Interlocking Concrete Pavement Institute ICPI Intracerebral Pathogenicity Index ICPI Insurance Crime Prevention Institute ICPI Institut de Chimie et Physique Industrielles (French) ICPI Incremental Contractor Preliminary Inspection "). The Bonds (Series 7) bear an interest which will change every 6 months, based on the average proceeds of government bonds which are linked to the ICPI with a repayment period between 3 to 5 years, and additional interest rate of 0.75 percent, which was determined by bid, today, June 5, 1997. Along with the Bonds (Series 7) ILDC issued 389,920 Options (Series 11), each convertible into 100 Bonds (Series 7) in exchange for a payment of NIS 100, linked to the ICPI, valid not later than the end of the business day, December 5, 1997. To secure ILDC's undertakings, the company registered a lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. on two fully owned real estate subsidiaries, with accumulated annual income from leasing of approximately NIS 7.9 million (approximately US$2.3 million). ILDC undertook not to use any proceeds derived from the sales of any of these companies' current yielding assets for repayment of shareholders' loans. The Israeli rating company, Ma'alot, rated the Bonds (Series 7) as AA-. THE ISRAEL LAND DEVELOPMENT COMPANY LTD., (ILDC) founded in 1909, maintains a diversified portfolio of business enterprises including the publishing of a major Hebrew-language daily newspaper, other forms of commercial media, insurance, real estate development, hotels, leisure products, and income properties. Note: All U.S. $ figures represent convenience transactions using an exchange rate of 3.411 New Israeli Shekels (NIS) to U.S. $1.00 as of March 31, 1997. CONTACT: Robert Ferris COMPANY CONTACT: Ron Weissberg Ruder Finn Ruder Finn is an United States public relations firm founded in 1948 by David Finn and William Ruder. Ruder Finn is a privately held, family-owned company that employs more than 450 people. , Inc. Chief Financial Officer Tel TEL Telephone TEL Telegram TEL Telugu (langauge) TEL Terrorist Exclusion List TEL Technology-Enhanced Learning TEL Transporter-Erector-Launcher TEL Tetra-Ethyl Lead TEL Team Deutsche Telekom : (212) 715-1573 Tel: (972) 3-520-0224 or Steven Curtis Ruder Finn Tel: (212) 593-6319 |
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