Partner Communications Considers A Debentures Issuance In Israel And Taking A Bank Loan
Partner Communications Company Ltd. (NASDAQ: PTNR) has announced plans to issue debentures worth up to NIS 150 million and to secure an additional NIS 150 million through a bank loan, solely for the Israeli market. This potential issuance, rated 'ilA+' by S&P Maalot, is contingent upon board approval and market conditions. The company hasn't finalized its decision regarding the offering, indicating uncertainty in execution. This financial maneuver is part of Partner's strategy to bolster liquidity, though the outcome remains dependent on regulatory approvals.
- Plan to raise up to NIS 150 million through debenture issuance.
- S&P Maalot affirms an 'ilA+' rating for the new debenture series.
- Uncertainty surrounding the final decision on the offering.
- No guarantee that the issuance will be executed in whole or part.
ROSH HA'AYIN, Israel, Nov. 29, 2021 /PRNewswire/ --Partner Communications Company Ltd. ("Partner" or "the Company") (NASDAQ: PTNR) (TASE: PTNR), a leading Israeli communications operator, announces today that it is contemplating the issuance of debentures solely in Israel by way of a new series of debentures in a total amount of up to NIS 150 million (the "Issuance" and the "Securities", respectively), and raising debt through commercial bank loan in a total amount of NIS 150 million.
The said issuance will be solely for the public in Israel.
S&P Global Ratings Maalot Ltd. ("S&P Maalot") affirmed an 'ilA+' rating for the issuance of a new series of debentures of the Company, in a total amount up to NIS 150 million.
For further information see S&P Maalot's report dated November 29, 2021 on: https://maya.tase.co.il/reports/details/1414563 or its informal English translation attached to the immediate report on Form 6-k to be furnished to the Securities and Exchange Commission.
The offering of the Securities to the public, insofar as it will take place, will be through a shelf offering report pursuant to the Company's shelf prospectus dated July 27, 2021 and will be subject to the approval of the Company's Board of Directors, including with respect to the scope of the Issuance and its terms, as well as the approval of the Tel Aviv Stock Exchange Ltd.
The Company has not yet made a final decision with respect to the offering of the Securities, the structure of the Issuance, its scope, terms or dates and there is no certainty that the Company will execute the said Issuance, in whole or in part, or that a shelf offering report will be published. Any offering of securities shall be subject to the Company's sole discretion, market conditions and receipt of all approvals required by law.
For additional details see the Company's annual report on Form 20-F for the year ended December 31, 2020, filed on March 25, 2021, under "Item 5B. Liquidity and Capital Resources- 5B.1-Notes Payable", and the Company's press release and immediate report (on Form 6-K) dated November 29, 2021.
The contents of this report do not constitute any undertaking of the Company to execute the issuance of the Securities.
This immediate report does constitute an offer to the public for the purchase of the Company's securities or an offer to the public to sell or solicit with respect to an offer to purchase securities and the purchase of securities in accordance with it is prohibited.
In addition, this report does not constitute an offer for sale of, or a solicitation of an offer to purchase or subscribe for, any securities in the United States. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no offering of the securities in the United States.
NOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SOUTH AFRICA OR SINGAPORE.
Forward-Looking Statements
This press release includes forward-looking statements, as that term is defined in Section 27A of the Securities Act, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "will", "believe", "anticipate", "expect", "intend", "strive", "seek", "plan", "could", "may", "foresee", "target", "objective" and similar expressions typically convey forward-looking statements, but these words are not the only words that convey such statements. All statements other than statements of historical fact included in this press release, including our plans to undertake a debt offering and the amount of debt that we intend to raise, and any other statements regarding other future events or our future prospects, are forward-looking statements. We have based these forward-looking statements on our current knowledge and our present beliefs and projections regarding possible future events. These forward-looking statements are subject to risks, uncertainties and assumptions about Partner, and possible regulatory and legal developments. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and actual results may differ materially from the results anticipated. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Partner Communications
Partner Communications Company Ltd. ("Partner") is a leading Israeli provider of telecommunications services (cellular, fixed-line telephony, internet and television services). Partner's ADSs are quoted on the NASDAQ Global Select Market™ and its shares are traded on the Tel Aviv Stock Exchange (NASDAQ and TASE: PTNR).
For more information about Partner see:
http://www.partner.co.il/en/Investors-Relations/lobby/
Logo: https://mma.prnewswire.com/media/1334689/Partner_Communications_Logo.jpg
Contacts:
Tamir Amar Deputy CEO & Chief Financial Officer Tel: +972-54-781-4951
| Amir Adar Head of Investor Relations & Corporate Projects Tel: +972-54-781-5051 E-mail: investors@partner.co.il |
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SOURCE Partner Communications Company Ltd.
FAQ
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