ROSH HA'AYIN, Israel--(BUSINESS WIRE)--Partner Communications Company Ltd. ("Partner" or the "Company") (NASDAQ and TASE: PTNR), a leading Israeli communications operator, informs its shareholders that S.B. Israel Telecom Ltd. ("S.B. Israel"), holder of 30.38% of the Company's outstanding shares, issued the following statement on November 8, 2019:
As previously disclosed, S.B. Israel and its controlling affiliates have been in discussion with the lenders under the Notes regarding the terms of the Notes. On November 8, 2019, S.B. Israel delivered an Event of Default Notice (the “Default Notice”) to Advent and the Trustee under the Notes, providing notice pursuant to Section 4(g)(i) of the Amended and Restated Terms and Conditions dated January 29, 2013 (the “Note Terms”), that it is not expected to have the ability to repay the debt evidenced by the Notes on the Final Maturity Date, January 29, 2020. Accordingly, S.B. Israel acknowledged that the Default Notice constitutes an Event of Default pursuant to Section 9(c)(i) of the Note Terms. Additionally, for the sake of good order, on November 8, 2019, S.B. Israel notified The Ministry of Communications of Israel of the Default Notice and that such Default Notice may result in the filing of an application to appoint a receiver over the Ordinary Shares pledged by S.B. Israel to Advent to secure the Reporting Persons’ obligations arising under the Notes (the “Pledged Shares”) (in light of the occurrence of an Event of Default). The realization of the pledge over the Pledged Shares is subject to the prior written consent of the Minister of Communications of the State of Israel.
The link to the statement filed by S.B. Israel with the U.S. Securities and Exchange Commission is https://www.sec.gov/Archives/edgar/data/1096691/000119312519287944/d829382dsc13da.htm .
The Company is reviewing and assessing the report and its potential implications for the Company.
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/