Israel Electric Corporation in $500 Million Offering

Cleary Gottlieb represented the Israel Electric Corporation Limited (Israel Electric Corporation) in its Rule 144A/Regulation S $500 million offering of its 5.633% notes due 2038 under its $12.5 billion global medium-term note program.

Barclays and Citibank acted as joint bookrunning managers.

The notes were listed on the Tel Aviv Stock Exchange. The offering priced on January 21, 2026, and is expected to close on January 28, 2026.

The Israel Electric Corporation is 99.85% owned by the State of Israel and is the sole vertically integrated electricity generation, transmission, and distribution company in the State of Israel, as well as one of the largest industrial companies in the State of Israel.

The Cleary corporate team included partner Adam Fleisher and associates Stav Harel, Marc Chien, and Grady Tarplee. Partner Matthew Brigham and associate Mingyu Tang advised on tax matters. Partner Daniel Ilan advised on intellectual property and cybersecurity matters.