By Susanna Moon
Chicago, Sept. 18 – Israel’s Partner Communications Co. Ltd. said the discount rate will be 0.65868% for its add-on series F debentures to be issued in the deferred private placement.
As a result, the uniform weighted discount rate according to a formula that weights the discount rate for the debentures with the discount rate as set in the issue of the tack-on issue is 0.19697%, according to a company announcement.
Also on Monday, the company added that S&P Global Ratings Maalot Ltd. has given the deferred tack-on placement an ilA+ rating.
The company said on Sept. 13 that it agreed to sell another NIS 150 million of series F debentures on Dec. 4 in a private placement to some Israeli institutional investors.
The price was set at NIS 1.003 for each NIS 1 par amount for total proceeds of NIS 150.45 million, reflecting an effective yield of 2.366% per year.
In addition, the company will pay the institutional investors an early commitment fee. If the debentures' rating on the agreed date is il/(A-) or below, there will be a discount of about 1% on the price given.
As reported, the issuer originally sold NIS 254.55 million of the series F debentures at par on July 19 with a coupon of 2.16%.
The company had launched a public offering in Israel of up to NIS 300 million of the series F debentures.
The original proceeds from the Regulation S securities were to be used to increase the company’s liquidity so that it can meet scheduled debt repayments, according to a previous announcement.
Partner Communications is a Rosh Ha’ayin, Israel, mobile communications operator.
| Issuer: | Partner Communications Co. Ltd.
|
| Issue: | Series F debentures
|
| Add-on amount: | NIS 150 million
|
| Proceeds: | NIS 150.45 million
|
| Maturity: | June 25, 2024
|
| Coupon: | 2.16%
|
| Price: | Par for original amount, 100.3 for add-on
|
| Yield: | 2.16% for original issue, 2.366% for add-on
|
| Original settlement date: | July 19
|
| Add-on settlement: | Dec. 4
|
| Rating: | Maalot S&P: ilA+ for original issue and for add-on
|
| Distribution: | Regulation S for original issue
|
| Original issue: | NIS 254.55 million
|
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