www.bethelfinance.com
Specialty foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) plans to raise $40 million in an offering of convertible bonds, by expanding its Series 6 Bond.
The dollar-denominated bonds have a maturity of 3.7 years, and bear 7.8% interest. Tower makes annual interest payments, and will repay the principal in two equal installments beginning on December 31, 2015.
Tower's share price fell 1.4% by midday on the TASE today to NIS 3.24, after closing unchanged at $0.88 on Nasdaq on Friday, giving a market cap of $227 million.
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