Series B,C And D Notes, Net Of Current Maturities

12 Months Ended

Dec. 31, 2025

Series B,C And D Notes, Net Of Current Maturities

SERIES B, C AND D NOTES, NET OF CURRENT MATURITIES


	December 31, 2025		December 31, 2024
Series B, C and D Notes	$	309,173	$	343,105
Less – Current maturities	(70,758)		(63,393)
Premium (discount) on Series B, C and D Notes, net	(790)		(1,183)
	$	237,625	$	278,529

In July 2021, the Company issued Series B, C and D Notes in the aggregate principal amount of NIS 1.9 billion (approximately $579,000) as follow:

Series B Notes in the amount of NIS 1.5 billion (approximately $457,000) that are paid in eight equal annual installments on June 30 of each of the years 2022 through 2029 (inclusive). The Series B Notes bear a fixed interest rate of 1.08% per annum and will not be adjusted to any currency or index changes.

Series C Notes in the amount of NIS 200 million (approximately $61,000) that are paid in eight equal annual installments on June 30 of each of the years 2022 through 2029 (inclusive). The Series C Notes bear a fixed U.S. dollar interest rate of 2.12% per annum and will be adjusted to the changes of the NIS versus U.S. dollar currency exchange rate.

Series D Notes in the amount of NIS 200 million (approximately $61,000) that are paid in fourteen annual installments as follows: thirteen equal annual installments in an amount equal to 7.14% of the nominal value of the principal on June 30 of each of the years 2022 through 2034 (inclusive) and the final annual installment in an amount equal to 7.18% of the nominal value of the principal on June 30, 2035. They bear a fixed interest rate of 2.67% per annum and will be adjusted to changes in the NIS versus U.S. dollar currency exchange rate.

During the year ended December 31, 2025, the Company recorded $7,362, as interest expenses and $393 as amortization of debt issuance costs and premium, net, on the Series B, C and D Notes.

The Company also entered into eight cross-currency interest swap transactions of 8 years to effectively hedge the effect of interest and exchange rate differences resulting from Series B Notes. Under the cross-currency interest rate swaps, the Company receives a fixed NIS rate of 1.08% on the NIS of 1.5 billion and pays an average fixed U.S dollar interest rate of 1.92% on $463,000. Both the debt and the swap instruments pay semi-annual interest - on June 30 and December 31.

During 2025, the Company paid the fourth installment of Notes B, C and D in an aggregate amount of approximately $67,496.

Future principle payments for Series B, C and D Notes, including the effect of cross-currency interest rate swap transactions, are as follows:


Future principal payments for Series B, C and D Notes:
2026 Current maturities	$	69,917
2027	69,917
2028	69,917
2029	69,917
2030	26,140
	$	305,808