SINGAPORE, January 23, 2017 /PRNewswire/ —
IC Power, which currently has 80 million shares outstanding, all of which are owned by Kenon, will offer 25.9 million new ordinary shares, representing approximately 25% of IC Power’s total outstanding ordinary shares (after giving effect to the completion of the initial public offering), at a currently estimated initial public offering price between $12.00 to $15.00 per ordinary share. IC Power will also grant the underwriters an option to purchase up to an additional 3,885,000 of IC Power’s ordinary shares to settle over-allotments.
IC Power’s ordinary shares have been approved for listing on the New York Stock Exchange under the ticker symbol “ICP“. IC Power intends to use the net proceeds received from the offering, along with readily available cash, (i) to develop greenfield projects, (ii) to acquire companies or assets in the electricity sector (e.g., generation, transmission or distribution companies or assets), (iii) to complete IC Power’s full repayment of notes in an aggregate amount of $220 million previously issued to Kenon, by repaying in full all obligations under its note payable to Kenon in an aggregate amount of $145 million, plus accrued interest, (iv) to prepay in full all obligations under a third-party syndicated facility in an aggregate amount of $100 million, plus accrued interest (which facility was used, in part, to repay the other note payable to Kenon, which was in an aggregate amount of $75 million, plus accrued interest); and (iv) for general corporate purposes.
The initial public offering of IC Power’s ordinary shares will only be made by means of a prospectus. A copy of the preliminary prospectus relating to IC Power’s initial public offering may be obtained from BofA Merrill Lynch at NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department, or by e-mail at email@example.com; or Credit Suisse Securities (USA) LLC at One Madison Avenue, New York, New York, 10010, Attention: Prospectus Department, or by e-mail at firstname.lastname@example.org.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful.