ROSH HA'AYIN, Israel--(BUSINESS WIRE)--Partner Communications Company Ltd. ("Partner" or the "Company") (NASDAQ:PTNR)(TASE:PTNR), a leading Israeli communications operator, announced today that it has executed early repayments of 4 loans (loans C, D, E and F) to commercial banks in a principal amount of NIS 500 million ("Early Repayments").
In connection with the Early Repayments, the Company will record a one-time expense of NIS 21 million in Q2 2017 results.
The Early Repayments will enable accumulated savings of approximately NIS 38 million of interest costs.
In addition to the Early Repayments, the Company is planning on early repayments of additional loans over the next coming months in an amount of approximately NIS 380 million. This is in addition to repayments of approximately NIS 490 million of notes and loans scheduled in 2017 as part of the Company's payment schedule.
For further information please see the Company's press release and immediate report (on Form 6-K) dated June 11, 2017 at:
https://www.sec.gov/Archives/edgar/data/1096691/000117891317001790/zk1720124.htm or http://maya.tase.co.il/reports/details/1103153 and from June 15 2017 at https://www.sec.gov/Archives/edgar/data/1096691/000117891317001835/zk1720146.htm or http://maya.tase.co.il/reports/details/1104346 and the Company's Annual Report on Form 20-F for the year ended December 31, 2016 – "Item 5. Operating and Financial Review and Prospects- 5B. Liquidity and Capital Resources".
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 and any 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 including our plans for early repayments of additional loans during 2017.
About Partner Communications
Partner Communications Company Ltd. ("Partner") is a leading Israeli
provider of telecommunications services (cellular, fixed-line telephony
and internet 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: