Partner Communications Company has entered into an amending agreement to its senior credit facility. The Agreement amends Partner's existing credit facility with a group of Israeli banks and Citibank NA, with Bank Leumi Le-Israel serving as facility agent, arranger and security trustee, and Bank Hapoalim as coordinating agent.
Changes in the structure, availability period and the re-payment schedule to better fit the Company's business plan, including its expected entry into 3G services. The amended facility includes a long-term multi-currency facility of $410 million with a repayment period through 2008, a long-term shekel facility of $150 million with a repayment period through 2009 and a multi-currency revolving facility of $150 million repayable through 2008.
Amendments also include an extension of the availability of the long-term Israeli facility equivalent to $150 million from December 2002 to December 2004 and a reduction of the overall facility of $40 million to $ 710 million, of which the Company has drawn approximately $520 million. There is also an increase of 0.35 percent per annum to the margin applicable to the shekel facility of $150 million to 1.25 percent per annum.
Partner Communications Company is the first Global System for Mobile Communications or GSM, mobile telephone network operator in Israel. The Company commenced full commercial operations in January 1999 under the international orange brand name and, through its network, provides a range of features to more than 1.750 million subscribers in Israel. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
