January 23, 2020 / 7:26 AM / a month ago

Israel's Bank Leumi prices $750 mln note issue

TEL AVIV, Jan 23 (Reuters) - Israel’s Bank Leumi said on Thursday it has completed the pricing for a $750 million offering to institutional investors of deferred convertible notes.

The 11-year CoCo notes, which the bank can choose to redeem after six years, bear annual interest of 3.275%. The rate will be updated after six years if the notes are not redeemed then.

The offering is expected to close on January 29 and the notes are expected to trade on the Tel Aviv Stock Exchange.

Leumi said it will use the funds raised to refinance debt, hedge against foreign currencies and for general needs of the bank.

The offering, which garnered demand of more than $4 billion, was led by Citi along with HSBC, Morgan Stanley and BNP Paribas.

Reporting by Tova Cohen Editing by Steven Scheer

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