By Angela McDaniels
Tacoma, Wash., April 22 - Partner Communications Co. Ltd. completed the public bid for its offering of non-convertible unsecured notes on Thursday and will issue NIS 1 billion notes at par, according to a 6-K filing with the Securities and Exchange Commission.
The public offering was made in Israel to residents of Israel only.
The company will issue NIS 200 million principal amount of series C eight-year notes, which will be payable in three equal annual installments on Dec. 30 of each year from 2016 through 2018. The coupon is 3.35%, payable semiannually. Principal and interest will be linked to the Israeli Consumer Price index for the month of March 2010.
Partner will issue NIS 400 million of series D 11-year notes, which will be payable in five equal annual installments on Dec. 30 of each year from 2017 through 2021. The floating interest rate is based on the interest rate of short-term debt issued by the State of Israel plus 120 basis points, and interest will be payable quarterly.
The company will also issue NIS 400 million of series E seven-year notes, which will be payable in five equal annual installments on Dec. 30 of each year from 2013 through 2017. The coupon is 5.5%, payable semiannually.
As previously reported, the company said it 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. 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.
The public 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.
Proceeds from the notes will be used for refinancing debt and for general corporate purposes.
Standard & Poor's Maalot has assigned an ilAA- rating to the notes.
Partner Communications is a Rosh Ha'ayin, Israel, mobile communications operator.
| Issuer: | Partner Communications Co. Ltd.
|
| Issue: | Unsecured notes
|
| Total amount: | NIS 1 billion
|
| Pricing date: | April 22
|
| Rating: | S&P Maalot: ilAA-
|
|
|
| Series C notes
|
| Amount: | NIS 200 million
|
| Maturity: | Dec. 30, 2018
|
| Coupon: | 3.35%, payable semiannually
|
| Price: | Par
|
|
|
| Series D notes
|
| Amount: | NIS 400 million
|
| Maturity: | Dec. 30, 2021
|
| Coupon: | Interest rate of short-term debt issued by State of Israel plus 120 bps, payable quarterly
|
| Price: | Par
|
|
|
| Series E notes
|
| Amount: | NIS 400 million
|
| Maturity: | Dec. 30, 2017
|
| Coupon: | 5.5%
|
| Price: | Par
|
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