Israel's Partner Communications considers NIS 500 million note sale

By Marisa Wong

Madison, Wis., Sept. 7 - Partner Communications Co. Ltd. announced that it is considering a uniform public offering in Israel of debt securities totaling approximately NIS 500 million, with the proceeds to be used for either payment on or repurchase of its series A notes.

In connection with the offering, the company is considering expanding two series of its notes currently traded on the Tel Aviv Stock Exchange - its series C 3.35% fixed-rate notes linked to the Israeli Consumer Price Index and its series E 5.5% fixed-rate notes not linked to the Israeli CPI.

The series C and E notes were originally issued under a shelf offering report dated April 15, 2010 and amended on April 21, 2010.

The terms of the additional series C and E notes would be identical to the terms of the currently outstanding notes.

The company said it has not made any decision as to whether there will be an offering of any securities or what the scope, terms or timing will be for an offering.

In addition, the company said that on Tuesday Standard & Poor's Maalot assigned an ilAA- rating to an expansion of series C and E bonds of up to NIS 1 billion, to be issued by Partner Communications.

Proceeds from the bonds issuance will be used to make payments on or purchase series A bonds, so that the adjusted debt is not expected to increase as a result of the bonds' expansion.

Partner Communications is a Rosh Haayin, Israeli-based provider of telecommunications services under the Orange brand name.

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