Ampal-American Israel Corporation - (NASDAQ:AMPL) announced today that further to Ampal's previous announcement dated July 26, 2010, Midroog Ltd. (an affiliate of Moody's Investors Service) ("Midroog") maintained an A3 rating with a negative outlook to the possible expansion of Ampal's previously announced offering of its Series C debentures. Midroog announced today that its A3 rating (with a negative outlook) will also apply to an additional 70 million NIS (approximately $18.5 million) to be included in the offering, expanding the series to a total of up to 170 million NIS (approximately $45 million).
The proceeds of the above said expansion will be used for the prepayment of certain bank indebtedness and the funding of interest payments on the debentures for the following four years.
Ampal has filed a draft preliminary prospectus with the Israel Securities Authority and the Tel Aviv Stock Exchange in connection with the possible offering to the public in Israel of the Series C debentures. The Series C debentures will be listed only on the Tel Aviv Stock Exchange. This offering will only be made to certain non-U.S. persons in accordance with Regulation S under the United States Securities Act of 1933, as amended.
The debentures will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to United States persons without registration unless an exemption from such registration is available. This notice does not constitute an offer to sell the debentures nor a solicitation for an offer to purchase the debentures. Further, this press release shall not constitute any offer, solicitation or sale of any debentures in any jurisdiction in which such offering sold would be unlawful.
There is no assurance that the proposed offering of debentures will be completed. The consummation of the offering and its terms are subject to market conditions, decisions of Ampal's board of directors, the publishing of a final prospectus approved by the Israel Securities Authority and the approval of the Tel Aviv Stock Exchange for the listing of the debentures.