Israel's Partner Communications details planned series D, E notes

By Jennifer Chiou

New York, May 3 - Partner Communications Co. Ltd. said it filed a shelf offering report with the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd. to cover its planned public offering of series D and E notes.

On Monday, the company confirmed that it will offer series D and E notes through a uniform public offering in Israel. On April 14, Standard & Poor's Maalot announced an ilAA- rating for the notes, amounting to up to NIS 1.2 billion.

The securities will be add-ons to the existing series D floating-rate notes linked to the short-term debt of Israel plus a fixed spread of 120 basis points and the series E 5.5% fixed-rate notes not linked to the Israeli Consumer Price Index. The two notes series were initially issued under the company's April 15, 2010 shelf.

The notes will be sold at no less than NIS 988 per NIS 1,000 unit for the series D notes and no less than NIS 996 per unit for the series E securities, according to a 6-K filing with the Securities and Exchange Commission.

The public tender date is set for Wednesday.

Partner Communications already said that it held three preliminary tenders to classified investors on May 1 to determine initial commitments, and purchase requests from the classified investors totaled about NIS 1 billion, of which the company accepted about NIS 506 million.

The company decided against issuing notes from a third series, its series C 3.35% fixed-rate notes linked to the Israeli CPI.

As previously reported, proceeds will be used to settle payment on or purchase the company's series A notes and/or refinance other debt.

Partner Communications is a Rosh Ha'ayin, Israeli-based provider of telecommunications services.

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