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ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. ANNOUNCES PUBLIC OFFERING ON TEL AVIV STOCK EXCHANGE

 ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. ANNOUNCES PUBLIC OFFERING
 ON TEL AVIV STOCK EXCHANGE
 ACRE, ISRAEL, Feb. 27 /PRNewswire/ -- Electrochemical Industries (Frutarom) Ltd. (AMEX: EIF) today announced that it completed a public offering of 27,000,000 nominal value NIS 1 debentures and 54,000 warrants. The warrants can be exercised within three months for 5,400,000 debentures. The debentures are payable in equal annual installments beginning in 1993 and ending in 2004 (inclusive).
 The offering, which was oversubscribed by 89 percent, consisted of 54,000 units, with each unit containing 500 debentures (Series 5) plus 1 warrant (Series B). The total price of each Unit was NIS 500.
 The units bear interest at the rate of LIBOR + 3.1 percent, and are linked (principal and interest) to the representative rate of exchange of the U.S. dollar. The first three payments of principal and interest will be linked to the rate of exchange of the dollar or the Deutschmark, whichever is higher on the exercise date.
 NIS 14 million of the net proceeds raised will be used for development. Use of the balance will be decided upon in the future by the board of directors.
 The managers of the underwriting consortium were Leumi & Co Investment Bank Ltd.; Israel Discount Bank Ltd.; Mizrahi Underwriting Co. Ltd; The First International Bank of Israel Ltd.; and Clal Issuers Ltd.
 Electrochemical Industries (Frutarom) Ltd. manufactures and markets chemicals, raw materials, flavors and fragrances for a wide variety of industrial applications. As one of Israel's leading firms, EIF is the country's sole producer of PVC, which it markets both domestically and abroad.
 -0- 2/27/92
 /CONTACT: Sefi Donner of Electrochemical Industries (Frutarom) Ltd., 972-4-851497/
 (EIF) CO: Electrochemical Industries (Frutarom) Ltd. ST: IN: CHM SU: OFR


SH-KW -- NY059 -- 3319 02/27/92 13:56 EST
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Publication:PR Newswire
Date:Feb 27, 1992
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