Phoenix Gamma Raises 500 Million Shekels in Institutional Tender
Phoenix Gamma raised approximately 500 million shekels in an institutional commercial paper tender, drawing strong demand of 963 million shekels from investors.
Phoenix Gamma held an institutional tender on Wednesday to issue tradable commercial securities to classified investors, securing orders worth 963 million shekels.
The offering, led by Phoenix Underwriting, resulted in the company accepting advance commitments to purchase commercial paper totaling approximately 500 million shekels. The annual interest rate spread above the Bank of Israel interest rate was set at 0.05% (unlinked interest), which will serve as the maximum rate for a public tender if one is held.
Erez Yosef, Chairman of the Board of Phoenix Gamma, and Bentzi Edri, CEO of Phoenix Gamma, stated: "We thank investors for their extensive expression of trust. The impressive volume of demand and the interest rate indicate the company's robustness and provide tailwinds to continue growing." They added that the raised funds will support the continued implementation of their business strategy to expand across various credit sectors.
