Tel Aviv, April 27 - Israeli food company Strauss Group said on Sunday its board approved an offering of 300 million shekels ($70.6 million) worth of bonds.
The bonds will be redeemed in three annual payments from 2011 to 2013, bearing variable interest to be paid quarterly, said Strauss, Israel's second largest food company.
The company plans to approach potential investors for pre-commitments to the offering.
Strauss's bonds were rated "Aa1" by Midroog, the Israeli subsidiary of Moody's Investors Service, and "AA+/Stable" by Standard & Poor's Maalot.
Strauss, a maker of snacks, fresh foods and coffee, is a market leader in roast and ground coffee in central and eastern Europe as well as in Brazil.