By Angela McDaniels
Tacoma, Wash., May 4 - Partner Communications Co. Ltd. priced NIS 681.21 million of notes through a uniform public offering in Israel, according to a company news release.
The notes are add-ons to the company's series D floating-rate notes and series E 5½% notes.
The company will issue NIS 146.14 million of series D notes at 99.2. The interest rate is based on the interest rate of short-term debt issued by the State of Israel plus 120 basis points.
The company will issue NIS 545.07 million of series E notes at 99.6.
For each series of notes, the price is a discount of about 0.17% to its market price on Wednesday.
The company offered the notes to classified investors on Sunday and held a public tender for the notes on Wednesday. The classified investors submitted purchase requests for about NIS 1 billion of notes, of which the company accepted about NIS 506 million.
Standard & Poor's Maalot assigned an ilAA- rating to the notes.
The proceeds will be used to settle payment on or purchase the company's series A notes and/or refinance other debt.
The company announced plans for the notes on April 14. At the time, it planned to also price an add-on to its series C 3.35% notes linked to the Israeli Consumer Price Index. It later decided not to.
Partner Communications is a Rosh Haayin, Israeli-based provider of telecommunications services.
| Issuer: | Partners Communications Co. Ltd.
|
| Issue: | Reopened notes
|
| Amount: | NIS 681,207,000
|
| Pricing date: | May 4
|
| Rating: | Standard & Poor's Maalot: ilAA-
|
|
|
| Series D notes
|
| Issue: | Series D floating-rate notes
|
| Amount: | NIS 146,142,000
|
| Coupon: | 120 bps over interest rate of short-term debt issued by Israel
|
| Price: | 99.2
|
|
|
| Series E notes
|
| Issue: | Series E fixed-rate notes
|
| Amount: | NIS 535,065,000
|
| Coupon: | 5½%
|
| Price: | 99.6
|
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