By Susanna Moon
Chicago, March 23 – B Communications Ltd. said it sold another NIS 148 million par amount of its series B debentures to Israeli institutional investors by private placement for a purchase price of about NIS 162 million.
The notes were placed as an add-on to the series B debentures first issued in September 2010 and have identical terms, according to a company press release.
Proceeds of the private placement will increase the company's unrestricted cash.
The private placement was offered under Regulation S.
“We have repeatedly demonstrated our strong ability to raise unsecured debt from local investors and have done so quickly and at an effective yield of 1.7%, and now we will continue creating value to our shareholders in 2016," Doron Turgeman, the company’s chief executive officer, said in the press release.
As announced Sept. 27, 2010, B Communications sold NIS 400 million of the 6˝% series B debentures due March 31, 2019 at par.
Ramat Gan, Israel-based B Communications holds a controlling interest in Bezeq, Israel's incumbent telecommunications provider.
| Issuer: | B Communications Ltd.
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| Issue: | Series B debentures
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| Amount: | NIS 148 million
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| Price: | NIS 162 million
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| Maturity: | March 31, 2019
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| Coupon: | 6 ½%
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| Original issue date: | Sept. 26, 2010
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| Original issue amount: | NIS 400 million
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| Rating: | Midroog: A2
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