NEW YORK (Jul. 25)
PEC Israel Economic Corporation has completed the private sale of $3,000,000 of its 5-1/2 percent notes due July 1, 1980 with warrants to purchase 36,000 shares of common stock, it was announced this weekend. The notes and warrants were purchased in equal amounts by Massachusetts Mutual Life Insurance Company and National Life Insurance Company, Goldman, Sachs and Co, assisted in arranging the financing.
PEC, now in its 40th year, has helped to organize, finance and administer more than 90 business enterprises in Israel. It has over 900,000 shares of common stock outstanding, held by some 11,000 stockholders mainly in the U.S. The proceeds of the new financing, together with the proceeds from the company’s recent offering to stockholders, will be used for the expansion of PEC’s investment program in Israel.