Partner Communications Considers Potential Debt Offering in Israel Aimed to Refinance Its Existing Debt
April 08 2010 - 1:00PM
Business Wire
Partner Communications Company Ltd. ("Partner" or "the
Company") (Nasdaq:PTNR)(TASE:PTNR), a leading Israeli
communications operator, announces that it is currently
considering the issuance of debt securities in Israel of
approximately NIS 500 Million pursuant to the shelf prospectus
dated September 3, 2009 for the purposes of the refinancing of its
current debt. Accordingly, the Company is taking steps to prepare
for a potential uniform public offering in Israel, all as will be
further detailed in a shelf offering report that may or may not be
published by the Company pursuant to the Israeli Securities Law of
1968.
In connection with such debt offering, the Company is
considering the offering of 3 series of notes which will mature
during the period 2013-2021: (1) debt bearing a fixed interest rate
and linked to the Israeli Consumer Price Index; (2) debt bearing a
fixed interest rate not linked to the Israeli Consumer Price Index;
and (3) debt bearing a floating interest rate which is based on the
interest rate of short term debt issued by the State of Israel. The
Company has not yet made any definite decision as to the offering
of any securities, nor as to its scope, terms or timing, nor is
there any certainty that such an offering will be made, in part or
as a whole, or that the shelf offering report will be
published.
A public offering, if made, will be made in Israel to residents
of Israel only. Securities, if offered, will not be registered
under the U.S. Securities Act of 1933, as amended, and will not be
offered or sold in the United States absent registration or
applicable exemption from the registration requirements.
In addition, on April 8, 2010, Standard & Poor's Maalot
announced that "it assigned its 'ilAA-' rating to new straight
bonds of up to NIS1 billion, to be issued by Partner Communications
Company Ltd. (ilAA-/Stable). The proceeds from the issue will be
used to replace existing debt. The rating reflects our assessment
that the debt refinancing by the issue of the new bonds will not
significantly affect Partner's financial risk profile".
For further information see Standard & Poor's Maalot's
announcement on:
http://maya.tase.co.il/bursa/report.asp?report_cd=528496
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities.
Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the US Securities Act of 1933, as
amended, Section 21E of the US Securities Exchange Act of 1934, as
amended, and the safe harbor provisions of the US Private
Securities Litigation Reform Act of 1995. Words such as "believe",
"anticipate", "expect", "intend", "seek", "will", "plan", "could",
"may", "project", "goal", "target" and similar expressions often
identify forward-looking statements but are not the only way we
identify these statements. All statements other than statements of
historical fact included in this press release regarding our future
performance, plans to increase revenues or margins or preserve or
expand market share in existing or new markets, reduce expenses and
any 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 expectations regarding
possible future events. These forward-looking statements are
subject to risks, uncertainties and assumptions about Partner,
consumer habits and preferences in cellular telephone usage, trends
in the Israeli telecommunications industry in general, the impact
of current global economic conditions and possible regulatory and
legal developments. For a description of some of the risks we face,
see "Item 3D. Key Information - Risk Factors", "Item 4. -
Information on the Company", "Item 5. - Operating and Financial
Review and Prospects", "Item 8A. - Consolidated Financial
Statements and Other Financial Information - Legal and
Administrative Proceedings" and "Item 11. Quantitative and
Qualitative Disclosures about Market Risk" in the form 20-F filed
with the SEC on March 22, 2010. 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 and internet services) under the orange™
brand. The Company provides mobile communications services to over
3 million subscribers in Israel (as of December 31, 2009).
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).
Partner is an approximately 45%-owned subsidiary of Scailex
Corporation Ltd. ("Scailex"). Scailex's shares are traded on the
Tel Aviv Stock Exchange under the symbol SCIX and are quoted on
"Pink Quote" under the symbol SCIXF.PK. Scailex currently operates
in two major domains of activity in addition to its holding in
Partner (After selling "Dynamic", a chain of retail stores and
booths to Cellcom on April 1st , 2010: (1) the sole import,
distribution and maintenance of Samsung mobile handset and
accessories products primarily to the major cellular operators in
Israel (2) management of its financial assets.
For more information about Scailex, see
http://www.scailex.com
For more information about Partner, see
http://www.orange.co.il/investor_site
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