Tower Semiconductor Ltd. said late last week that the US Securities and Exchange Commission approved its proposed $50 million rights offering, to go into effect on December 20. Each Tower shareholder and holder of eligible options would receive one right for each 138.98 ordinary shares or eligible options owned at the time of the offering. Each right would entitle the holder to purchase 100 of Tower's US dollar denominated debentures for $100. The debentures would be convertible into Tower's ordinary shares at a rate of one ordinary share per $1.10 principal amount of debentures. The rights would be exercisable for through January 12. Shareholders have already committed to buy $25.5m. of bonds in offering, the company said.