[April 01, 2015] |
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Partner Communications Announces the Entering into Loan Agreements
Partner Communications Company Ltd. ("Partner" or "the Company")
(NASDAQ:PTNR) (TASE:PTNR), a leading Israeli mobile communications
operator, announces that during March 2015, the Company has engaged
in two loan agreements with institutional corporations, as follows:
(1) A loan agreement in the principal amount of NIS 75 million which
will bear simple unlinked shekel interest for 5.5 years, of which the
principal will be paid in 10 equal quarterly payments commencing on June
2018.
(2) A loan in the principal amount of NIS 200 million, which will bear
simple unlinked shekel interest for 8.5 years, of which the principal
will be paid in 12 equal semi-annual payments commencing on March 2018.
(the "Agreements"; the "Loans")
Additional main terms, included in the Agreements, are as follows:
a. The Loans are not secured by any liens;
b. The Company's principal undertakings towards the lenders relating to
financial covenants, the creation of liens, the engagement in merger
transactions and in sale transactions, are identical to those prescribed
in the previous bank loan agreements in which the Company has engaged in
the past ("the Existing Loan Agreements");
c. The grounds for calling for the immediate repayment of the Loans
(Events of Default) are the customary grounds in agreements of this type
and are identical to the Events of Defaults in the Existing Loan
Agreements;
d. The Company has the right to repay the Loans by way of immediate
repayment, subject to the payment of an early repayment fee, as
specified in the Agreements.
The purpose of the Loans is to refinance existing debt and to finance
operating activities in the Company's ordinary course of business.
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Forward-Looking Statements
This press release includes forward-looking statements, as this term is
defined in Section 27A of the US Securities Act of 1933, as amended,
Section 21E of the US Securities Exchange Act of 1934, as amended, and
the safe-harbor provisions of the US Private Securities Litigation
Reform Act of 1995. Words such as "believe," "anticipate," "expect,"
"intend," "strive," "seek," "plan," "could," "may," "foresee," "target,"
"objective," declensions thereof and similar expressions typically
convey forward-looking statements, but these words are not the only
words that convey these statements. Any statement, other than a
statement of historical fact included in this press release regarding
our future performance, plans to increase revenues or margins or to
sustain or expand the current market share in existing or new markets,
plans to reduce expenses and any other statement regarding a future
event or potential opportunity, is a forward-looking statement.
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, about the macro-economic
environment, about consumer habits and preferences when using cellular
telephones, trends in the Israeli communications industry in general,
the impact of current global economic conditions and possible regulatory
and legal developments. In light of these risks, uncertainties and
conjectures, the forward-looking events mentioned in this press release
might not transpire, and actual results may differ materially from the
anticipated results. For further information regarding the
above-mentioned risks, uncertainties and conjectures and other risks we
face, please see "Item 3. Key Information - 3D. Risk Factors," "Item 4.
Information about the Company," "Item 5. Operating and Financial Review
and Prospects," "Item 8. Financial Information - 8A. Consolidated
Financial Statements and Other Financial Information - 8A.1 Legal and
Administrative Proceedings" and "Item 11. Quantitative and Qualitative
Disclosures about Market Risk" in the Company's Annual Reports on Form
20-F, and the Company's other reports on Form 6-K, which were submitted
to the United States Securities Exchange Commission. We undertake no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or for any other
reason.
About Partner Communications
Partner Communications Company Ltd. ("Partner") is a leading
Israeli provider of telecommunications services (cellular, fixed-line
telephony and internet services) under the orange™ brand and under the
012 Smile brand. 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: http://www.orange.co.il/en/Investors-Relations/lobby/.
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