Milbank LLP advised the dealers in connection with the issuance of US$500 million 5.633% notes due 2038 by The Israel Electric Corporation Limited (IEC). IEC serves as an essential service provider in Israel and the country’s only entity that operates across the entire electricity value chain. The State of Israel holds 99.85% of IEC’s shares. The proceeds of the offering will be used to finance IEC’s capital investment program, refinance existing debt and for general corporate purposes. The notes were issued under IEC’s US$12.5 billion Global Medium-Term Notes Program. The Milbank team was led by Corporate Finance and Securities partner David Dixter and associates Becki Thompson and Aryan Agrawal. The team also included New York Tax partner Eschi Rahimi-Laridjani and associate Seth Moreida.