Israel's Internet Gold to exchange series B, C debentures for series D

By Marisa Wong

Madison, Wis., May 30 - Internet Gold - Golden Lines Ltd. said it plans to carry out a private placement of series D debentures to institutional investors in Israel in exchange for a portion of its outstanding series B and/or series C debentures.

The Regulation S transaction is currently intended to be structured as an increase to the outstanding series D debentures that the company first issued in March.

Purchased series B and/or series C debentures will be cancelled, and the remaining outstanding debentures of both series will continue to trade on the Tel Aviv Stock Exchange.

The terms of the proposed series D debentures will be identical to the terms of the outstanding series D debentures and will be listed on the Tel Aviv Stock Exchange.

The private placement is also subject to the approval of rating company Midroog Ltd., so that the new series D debentures can be assigned a local Baa1 stable rating.

The final terms of the transaction have not yet been determined and there is no assurance that the transaction will actually be carried out, the company said.

Internet Gold is a telephone and internet provider based in Ramat Gan, Israel.

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