MIGDAL HAEMEK, Israel—Tower Semiconductor said it received a permit from the Israeli Securities Authority to publish a prospectus in Israel. The price of each security will be determined by a tender to be held on 22 January subject to a minimum price of about US$40 per unit.
The company plans to offer the Israeli public up to 550,000 securities, each consisting of 200 convertible debentures, four options excercisable into ordinary shares and one option exercisable into convertible debentures. Tower Semiconductor may issue up to an additional 50,000 units to satisfy over-allotment.
The offering is not secured by an underwriting commitment, and completion of the offering is subject to certain conditions, including that Tower receive tenders for at least 133,334 units.
Tower plans to use the proceeds from the offering toward the construction of its new Fab 2 manufacturing facility.
