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El Al Offering Hits Target, Loan Expected by Pesach

Israel By Hamodia Staff YERUSHALAYIM - Parked El AL airplanes at the ben Gurion International Airport. (Yossi Aloni/Flash90) There was good news from El Al Airlines on Wednesday, as the company succeeded in raising the $75 million required to secure $300 million in state-guaranteed loans crucial to its survival, Globes reported on Wednesday. El Al chairman David Brodet said, “We were pleasantly surprised and fully achieved our target.” The target was to raise $75 million. In the event, it raised $77 million by issuing 1.25 billion options to the public on the Tel Aviv Stock Exchange (TASE). The options given can be exercised at a price of NIS 0.30 per share, so that full exercise of the options would increase the capital raised by an additional amount of NIS 375 million ($116 million).

Cash-strapped El Al Israel Airlines raises $77 million in options sale

Cash-strapped El Al Israel Airlines raises $77 million in options sale
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.

Cash-strapped El Al Israel Airlines raises $77 million in options sale

2 Min Read JERUSALEM (Reuters) - El Al Israel Airlines said on Tuesday it raised 250 million shekels ($77 million) in a sale of options on the Tel Aviv Stock Exchange, meeting a key condition for a state-backed loan needed to repay the flag carrier’s debts. FILE PHOTO: An Israel El Al airlines plane is seen after its landing following its inaugural flight between Tel Aviv and Nice at Nice international airport, France, April 4, 2019. REUTERS/Eric Gaillard/File Photo The airline said some $50 million came from controlling shareholder Eli Rozenberg, a 27-year-old student who bought the cash-strapped carrier in October, and $27 million from institutional investors.

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