Kenon: Inkia Completes Sale Of Latin American, Caribbean Businesses

(RTTNews) - Kenon Holdings Ltd. (KEN) announced that Inkia Energy Limited, a subsidiary of IC Power Ltd., has completed the sale of its Latin American and Caribbean businesses to I Squared Capital. The sale is expected to generate proceeds of approximately $1.332 billion. The net proceeds to be distributed to Kenon are expected to be $619 million. Kenon intends to use a portion of the proceeds of the transaction to repay debt of IC Power, and to repay its loan facility with Israel Corporation.

Kenon's shareholders authorized a capital reduction to enable a potential distribution of a portion of the proceeds received from the transaction, but no determination has yet been made as to whether a distribution will be made or as to the timing or amount of any such distribution.