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Bethel Finance news:
Israel Electric Corp. launched its $500 million, dollar-denominated, five-year bond, according to a person familiar with the matter.
The bonds are to offer investors 6.70%, versus original pricing guidance of 6.875% to 7%.
Barclays Capital and UBS AG (UBS, UBSN.VX) are the lead managers on the sale.
The bond is expected to be rated Baa3 by Moody's Investors Service and BB-plus by Standard & Poor's.
Last October, the government-owned company turned to the Israeli government for help closing a funding gap of about 500 million shekels, or $134 million.
It blamed its cash flow problems on lower-than-expected demand during the summer and the need to buy diesel due to diminished supplies of natural gas.
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