FBC represented Universal Motors Israel Ltd. (UMI) in raising NIS 321 million of debt by issuing debentures according to a shelf offering report. The raising was by way of expanding series secured by liens provided by a subsidiary of UMI. The issuance was made after the completion of an arrangement pursuant to Section 350 of the Companies Law in which all of the company subsidiary’s debentures that were in circulation at that time were replaced by new bonds issued by UMI in an initial public offering (IPO).
The issuance was characterized by large demand from both institutional investors and the public. The institutional tender received requests totaling more than NIS 900 million (of which UMI received orders totaling NIS 279 million). In addition, in the tender to the public, other than the early commitments of the financial institutions, orders were received in the amount of more than NIS 42 million.
