JERUSALEM, May 30 (Reuters) - Cash-strapped Israel Electric Corp (IEC) said on Thursday its board approved an overseas bond offering of up to $1 billion to qualified institutional buyers.
The offering is subject to approval from regulators, the state-owned utility said, and if market conditions permit, the offering amount could even be increased.
IEC's chief executive, Eli Glickman, told Reuters last month that the company had plans to raise about 9 billion shekels ($2.4 billion) in 2013 through loans and bonds to refinance old debt and invest in new development. Glickman said $1 billion of that would be issued in bonds in the United States and Europe.
IEC, which has debt of more than 70 billion shekels, plans to begin reducing this amount by 1.5 billion shekels per year starting in 2014.