White & Case Advises Bank Leumi le-Israel on inaugural issue of US$500 Senior Notes

Global law firm White & Case LLP has advised Bank Leumi le-Israel B.M. on a US$500 million issuance of 5.125% Senior Notes due 2027.

"This inaugural senior debt offering is the first transaction of its kind for an Israeli bank, representing a significant landmark for our client and for the Israeli financial sector," said White & Case partner Melissa Butler, who co-led the Firm's deal team.

Bank Leumi le-Israel is the largest bank in Israel by assets and market capitalization (at March 31, 2022) and the first bank in Israel to issue senior debt to international institutional investors. The notes have been offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act of 1933 and listed on the TACT Institutional, also known as the TASE-UP, of the Tel Aviv Stock Exchange. Citigroup acted as the global coordinator. Barclays, J.P.Morgan, Jeffries and UBS Investment Bank acted alongside Citigroup as joint bookrunners.

"Advising on the inaugural senior US$500 million notes issue represents a new milestone in our long relationship with Bank Leumi le-Israel and underlines our strong presence as a firm in Israel," said White & Case partner Stuart Matty, who co-led the Firm's deal team. "White & Case continues to be ranked among the top law firms operating in Israel."

White & Case also advised Bank Leumi le-Israel on its inaugural subordinated Tier 2 US$750 million notes issue in 2020. In the last decade, the Firm has helped Israeli companies to raise more than US$20 billion in debt financing and Israeli companies and investors to raise in excess of US$9 billion in equity financing.

The White & Case team in London that advised on the transaction was led by partners Stuart Matty, Melissa Butler and Neha Saran and included associates Anna Soroka, Tejal Velambath and Abigail Kolawole.

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