Israel Electric bond issue plan approved

JERUSALEM, Jan 12 (Reuters) - Israel's socio-economic cabinet approved state-run Israel Electric Corp's (IEC) plan to issue up to 500 million shekels ($129 million) in a debt offering in Israel, the Finance Ministry said on Monday.

IEC's board last month approved the plan to issue bonds through underwriter Leader Capital Markets.

The inflation-linked bonds, which would not be listed for trade, would mature in 2020, the ministry said in a statement.

No other details of the bond issue were immediately available.

IEC, Israel's main provider of electricity, last May sold $1 billion of bonds due in 2019 through Lehman Brothers and Citigroup at 7.25 percent, 350 basis points over U.S. Treasuries.

($1 = 3.89 shekels)

(Reporting by Steven Scheer; Editing by Sharon Lindores)