Kenon Holdings Ltd. announced that IC Power Ltd.'s subsidiary IC Power Israel Ltd. has issued bonds in an aggregate principal amount of ILS 320 million (approximately $89 million). The bonds accrue interest at a rate of 4.95% which is payable semi-annually beginning in 2018, with final maturity occurring in December 2030. The bonds were issued in a private placement to qualified investors. The proceeds of the bonds will be disbursed to ICPI upon completion of a reorganization, whereby ICPI, which is currently the holding company of OPC-Rotem, will also become the holding company of OPC-Hadera. The proceeds of the bonds will be partially used to repay in full ICPI's mezzanine loan in the amount of $62 million (including an early prepayment cost of $6 million).