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Israel's Partner moves public bid for NIS 1 billion notes to Thursday
By Angela McDaniels
Tacoma, Wash., April 21 - Partner Communications Co. Ltd. said the public bid for its NIS 1 billion offering of non-convertible notes is now expected to be held on Thursday.
The bid was originally scheduled for Sunday but was delayed after the company was served a lawsuit and a motion for recognition as a class action for roughly NIS 343 million. According to an earlier news release from the company, the claim alleges that Partner charges its subscribers for certain content services without their consent.
As previously reported, the company is offering three new series of unsecured non-convertible notes that will be sold at par. The public offering is being made in Israel to residents of Israel only.
Partner will sell up to NIS 200 million of series C notes that will be payable in three equal annual installments from 2016 through 2018. The notes will carry a fixed interest rate not to exceed 3.4%.
It also plans to offer NIS 400 million of series D notes that will be payable in five equal annual installments from 2017 through 2021. The notes will bear a floating interest rate not to exceed 1.25%.
Partner will also sell up to NIS 400 million of series E notes that will be payable in five equal annual installments from 2013 through 2017. These notes will have a fixed interest rate not to exceed 5.55%.
The company said it has received early commitments from some investors for NIS 160 million of series C notes, NIS 340 million of series D notes and NIS 340 million of series E notes. In consideration for making early commitments, these investors will receive a 0.5% commission on their series C and E notes and a 0.7% commission on the series D notes.
Proceeds will be used for refinancing debt and for general corporate purposes.
On April 8, Standard & Poor's Maalot assigned an ilAA- rating to the notes.
Partner Communications is a Rosh Ha'ayin, Israel, mobile communications operator.
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