El Al Israel Airlines Ltd. Declares Outcome of Public Offering for Shares and Series 3 Warrants

Wednesday, April 3, 2024

El Al Israel Airlines Ltd. hereby presents the outcomes of the shares and Series 3 warrants offering, as outlined in the Company’s shelf offering report dated March 31, 2024 (“Shelf Offering Report”):

1. As per the Shelf Offering Report, a public offering was conducted via a tender for a maximum of 92,000,000 ordinary shares of the Company, each with a par value of ILS 1 (“Shares”), alongside a maximum of 92,000,000 new Series 3 warrants (the “Series 3 Warrants”), which are publicly traded, registered, and exercisable for Company shares, all in accordance with the details provided in the Shelf Offering Report.
2. The securities were made available to the public in 920,000 units through a uniform offering, with a tender for the unit price. The unit composition and minimum price were as follows:

The company secured commitments from accredited investors to bid on 687,205 units, representing about 74.69% of the total units available, as outlined in Section 3 of the Shelf Offering Report.

The tender held on March 31, 2024, yielded the following results:

• A total of 328 bids were received, seeking to purchase 1,181,090 units, including 70 bids from accredited investors honoring prior commitments for 687,205 units, as stated in the preliminary institutional tender. The total financial value of bids amounted to approximately ILS 655.5 million.
• According to information from Kanfei Nesharim Aviation Ltd., the Controlling Shareholder, detailed in Section 4 of the Shelf Offering Report, bids were submitted totaling approximately ILS 92 million.
• The determined unit price in the tender was ILS 555.
• 920,000 units were allotted, with specifics as follows:
• 54 bids from accredited investors, offering to purchase 543,676 units at a price higher than the determined unit price, were fully granted.
• 163 bids from the public, offering to purchase 365,396 units at a price higher than the determined unit price, were fully granted.
• One bid from an accredited investor for 36,000 units at the determined unit price was partially granted, for 10,928 units.
• Eight bids from the public for 3,285 units at the determined unit price were not granted.
• A combined total of 815 bids from accredited investors, seeking to acquire 107,529 units at a price lower than the determined unit price, were declined.
• 87 bids from the public for 125,204 units at a price lower than the determined unit price were not granted.
• According to the tender results, the company will issue a total of 92,000,000 shares along with 92,000,000 Series 3 warrants, with a gross consideration of approximately ILS 510 million (about $140 million).
• The expected future gross consideration, assuming full exercise of all Series 3 warrants, without considering dollar linkage differentials, is approximately ILS 524 million.

The company expresses gratitude to the investing public for participating in the Shelf Offering.

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