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    Israel Electric has reduced the net financial debt from the beginning of 2015 by NIS 838 million.

    As of the beginning of 2015, Israel Electric has managed to reduce its net financial debt from NIS 46,869 million at the end of 2014 to NIS 46,031 million: a decrease of NIS 838 million.
    In the second quarter of 2015, a decrease in the loss was recorded (in comparison to the previous year’s parallel quarter), this was in spite of the decrease in the electricity tariff in February 2015 by 11.8%, the effect of IPPs’ entry into the generation segment, and the early retirement program which affected 440 workers resulting in a one-time outlay of NIS 561 million.
    10.06.2015

    Israel Electric has a new President & CEO

    The Minster of National Infrastructure, Energy & Water, Dr. Yuval Steinmetz, has approved the appointment of Mr. Ofer Bloch as President and CEO of Israel Electric.
    On June 10, 2015, the Minster of National Infrastructure, Energy & Water, Dr. Yuval Steinmetz, signed the letter appointing Ofer Bloch to the position of Israel Electric’s CEO.  Signing took place as a result of Mr. Bloch’s unanimous selection by the Board of Directors as the most worthy candidate for the job of President and CEO of Israel Electric. 
    07.06.2015

    The Israel Electric Corporation completed a public Debentures issuance of NIS 923 million, for the first time in 13 years – without state guarantees.

    The Debentures issuance contains two new tradable series of bonds:
    Series 26: NIS 479 million at a fixed interest of 4.8% (IRR of 3.32%) with Duration of 5.9 years, at a spread of 1.61% above Israeli government bonds.
    Series 27: NIS 444 million at an fixed interest of 3.85% (IRR of 2.96%) linked to the CPI, with Duration of 10 years, at a spread of 2.21% above  Israeli government bonds.
    Leading institutional entities in the local capital market participated in the Debentures issuance which drew orders worth NIS 1.85 billion for the two series of bonds. 
     

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