Partner Communications lining up financing to redeem 13% notes

New York, Feb. 22 - Partner Communications Co. Ltd. said it is lining up financing that will allow it to redeem its $175 million of 13% senior subordinated notes that become callable in August 2005.

The new financing will also allow it to repurchase its shares from its Israeli founding shareholders, subject to approval of the buyback by its audit committee, board of directors and shareholders.

The Rosh Ha'ayin, Israel, mobile communications company is planning to make an offering of debt securities in Israel and obtain a new bank facility from Israeli commercial banks.

"Our consideration of the possibility of issuing Israeli investment grade public debt on the Tel Aviv Stock Exchange is part of our strategy to reduce the cost of our overall debt and provide a debt structure more in line with mature Israeli investment-grade companies," said Alan Gelman, chief financial officer, in a news release.

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