B Communications calls $717 million 7 3/8% notes due 2021 at 110.76

By Susanna Moon

Chicago, Sept. 26 – Israel’s B Communications Ltd. issued a call for its $716,760,545 principal amount of outstanding 7 3/8% senior secured notes due 2021.

The notes will be redeemed at 110.7646% on Oct. 25, which is a total redemption amount of about $794 million, including a premium of $39.5 million and $37.6 million of accrued interest to but excluding the redemption date, according to a company announcement.

The record date is Oct. 25.

In addition, B Communications (SP2) Ltd., a holder of $64,620,480 principal amount of notes, and B Communications (SP4) LP, a holder of $18,618,975 principal amount of notes, will deliver their respective notes for cancellation.

Mishmeret Trust Co. Ltd. (fax +972-3-6374344) is the paying agent.

As announced June 28, B Communications took in tenders for $18.6 million of its $800 million of 7 3/8% senior secured notes due 2021 in the offer that ended at 11 a.m. ET on June 27.

B Communications accepted all of the notes tendered at or below the clearing price of $1.07 per $1.00 principal amount for a total payment of about $20 million.

The company’s subsidiary B Communications (SP4) LP was offering to pay up to $261 million in the tender offer by modified Dutch auction.

B Communications is a Ramat Gan, Israel-based telecommunications-oriented holding company.

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