El Al Israel Airlines Ltd. Announces Results of issuance according to shelf offering report

TEL AVIV, Israel, April 3, 2024 /PRNewswire/ -- El Al Israel Airlines Ltd.  (TASE: ELAL) (the "Company") hereby announces the results of the offering of shares together with Series 3 warrants, according to the Company's shelf offering report dated March 31, 2024 (the "Shelf Offering Report"):¹

1.   According to the Shelf Offering Report, a public offering was made by way of a tender for up to 92,000,000 ordinary shares of the Company of par value ILS 1 each ("Shares"), together with up to 92,000,000 new Series 3 warrants (the "Series 3 Warrants"), which are publicly-traded, registered, and exercisable for Company shares, all as detailed in the Shelf Offering Report.

2.   The securities were offered to the public in 920,000 units, by way of a uniform offering, in a tender for the unit price, with the following unit composition and minimum price:

3.   The Company received prior commitments from accredited investors to submit bids in the tender for the purchase of 687,205 units, constituting ~74.69% of the total units offered to the public according to the Shelf Offering Report, as detailed in Section 3 of the Shelf Offering Report.

4.   The following are the results of the tender held on 31 March 2024:

4.1.   In the tender, a total of 328 bids were received for the purchase of 1,181,090 units (including 70 bids from accredited investors for the purchase of 687,205 units, according to prior commitments received in the preliminary institutional tender), for the total financial value of approx. ILS 655.5 million.

4.2.   According to information provided to the Company, in the tender and according to the notice of Kanfei Nesharim Aviation Ltd. (the "Controlling Shareholder"), as detailed in Section 4 of the Shelf Offering Report, the Controlling Shareholder submitted bids for the purchase of units with a total financial value of approx. ILS 92 million.

4.3.   The unit price as determined in the tender is ILS 555 ("The Determined Unit Price ").

4.4.   920,000 units were allotted in the tender, as follows:

4.4.1.   54 bids from accredited investors for the purchase of 543,676 units, which stated a price higher than the Determined Unit Price“ were granted in full.

4.4.2.   163 bids from the public for the purchase of 365,396 units, which stated a price higher than the Determined Unit Price“ were granted in full.

4.4.3.   One bid from an accredited investor for the purchase of 36,000 units, which stated the Determined Unit Price“ was granted partially, for 10,928 units.

4.4.4.   8 bids from the public for the purchase of 3,285 units, which stated the Determined Unit Price“ were not granted.

4.4.5.   815 bids from accredited investors for the purchase of 107,529 units, which stated a price lower than the Determined Unit Price“ were not granted.

4.4.6.   87 bids from the public for the purchase of 125,204 units, which stated a price lower than the Determined Unit Price“ were not granted.

4.5.   In total, the Company will issue, according to the results of the tender, 92,000,000 Shares together with 92,000,000 Series 3 Warrants. The (gross) consideration for the Shares to be allotted totals approx. ILS 510 million (approx. $140 million).

The future (gross) consideration the Company expects, assuming all Series 3 Warrants are fully exercised (without taking into account differentials for linkage to the dollar) is  approx. ILS 524 million.

The Company thanks the investing public for accepting the offering under the Shelf Offering.

Contact:
investors@elal.co.il

^{1  Ref. no. 2024-01-029338.}

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