Partner Communications Announces Uniform Weighted Discount Rate for Series F Debentures & an 'ilA+' Rating for a Deferred Pri...
September 17 2017 - 7:57AM
Business Wire
Partner Communications Company Ltd. ("Partner" or "the
Company") (NASDAQ and TASE: PTNR), a leading Israeli
communications operator, announces today that further to the
Company's report dated September 13, 2017, with respect to the
agreement that the Company entered into for a private placement for
additional Series F debentures in Israel on December 4, 2018 (the
"Agreed Date"), and in accordance with the approval that the
Company received from the Israel Tax Authority of a "Green Track"
arrangement, the discount rate for the additional debentures to be
issued in the deferred private placement is 0.65868%. Therefore,
the uniform weighted discount rate according to a formula that
weights the discount rate for the debentures as it was in the
issuance of the existing debentures, with the discount rate as
determined in the issuance of the additional debentures is
0.19697%.
In case the debentures' rating on the Agreed Date shall be
il/(A-) or below, a discount of approximately 1% on the price of
the debentures will be given and in this case, the price1 will be
NIS 0.993 for each Series F debenture in the amount of NIS 1 par
value reflecting an effective yield of 2.67% per annum and the
total consideration will be an amount of NIS 148,950,000. In
addition, the Company will pay to the institutional investors, an
early commitment fee. In this case, the discount rate for the new
debentures to be issued in the private placement will be 1.65868%
and the uniform weighted discount rate will be 0.49602%.
In addition, the Company reports that S&P Global Ratings
Maalot Ltd. ("Maalot") has rated the deferred private
placement of the additional said Series F debentures with an 'ilA+'
rating in a total amount up to NIS 150 million.
The offering described in this press release was made only in
Israel and only to residents of Israel in a transaction exempt
from, or not subject to, the registration requirements of the U.S.
Securities Act of 1933 (the “Securities Act”). The said
debentures have not been, and will not be, registered under the
U.S. Securities Act of 1933 and will not be offered or sold in the
United States. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any securities.
For additional details regarding the Company's existing
debentures, see the Company's press release and immediate report
(on Form 6-K) dated July 20, 2017 at:
https://www.sec.gov/Archives/edgar/data/1096691/000117891317002098/zk1720277.htm
or http://maya.tase.co.il/reports/details/1111245, on August 16,
2017 at:
https://www.sec.gov/Archives/edgar/data/1096691/000117891317002466/zk1720448.htm
or http://maya.tase.co.il/reports/details/1116227, on September 13,
2017 at: http://maya.tase.co.il/reports/details/1121707 or
https://www.sec.gov/Archives/edgar/data/1096691/000117891317002657/zk1720541.htm
and the Company's Annual Report on Form 20-F for the year ended
December 31, 2016 – "Item 5B. Liquidity and Capital Resources" and
for the Maalot rating see
http://maya.tase.co.il/reports/details/1122374 or the informal
translation of the report in English that will be attached to the
immediate report on Form 6-K to be furnished to the U.S Securities
and Exchange Commission.
Forward-Looking
Statements
This press release includes forward-looking statements, as that
term is defined in Section 27A of the Securities Act, Section 21E
of the U.S. Securities Exchange Act of 1934, as amended, and the
safe-harbor provisions of the U.S. Private Securities Litigation
Reform Act of 1995. Words such as “will”, "believe", "anticipate",
"expect", "intend", "strive", "seek", "plan", "could", "may",
"foresee", "target", "objective" and similar expressions typically
convey forward-looking statements, but these words are not the only
words that convey such statements. All statements other than
statements of historical fact included in this press release,
including statements relating to the closing of the deferred
private placement of debentures, and any other statements regarding
other future events or our future prospects, are forward-looking
statements. We have based these forward-looking statements on our
current knowledge and our present beliefs and projections regarding
possible future events. These forward-looking statements are
subject to risks, uncertainties and assumptions about Partner, and
possible regulatory and legal developments. In light of these
risks, uncertainties and assumptions, the forward-looking events
discussed in this press release might not occur, and actual results
may differ materially from the results anticipated. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About Partner
Communications
Partner Communications Company Ltd. ("Partner") is a
leading Israeli provider of telecommunications services (cellular,
fixed-line telephony, internet and television services). Partner’s
ADSs are quoted on the NASDAQ Global Select Market™ and its shares
are traded on the Tel Aviv Stock Exchange (NASDAQ and TASE:
PTNR).
For more information about Partner see:
http://www.partner.co.il/en/Investors-Relations/lobby/
1 Including the accrued paid interest.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170917005036/en/
Partner Communications Company Ltd.Mr. David (Dudu)
Mizrahi, +972-54-781-4951Chief Financial OfficerorMs. Liat Glazer
Shaft, +972-54-781-5051Head of Investor Relations &
Corporate Projectsinvestors@partner.co.il
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