Cellcom Israel Announces Results of Institutional Stage of Debenture Offering in Israel

NETANYA, Israel, Dec. 6, 2018 /PRNewswire/ -- Cellcom Israel Ltd. (NYSE: CEL) (TASE: CEL) (the "Company") announced today that following the previously reported preparation for a potential offering of debentures in an aggregate amount of approximately NIS 300 million, to the public in Israel only, the Company completed the institutional stage of the offering. In light of the demand, the Company decided to increase the offering amount to an aggregate of approximately NIS 400 million principal amount. In the institutional tender the Company received early commitments from institutional investors in Israel for the purchase of approximately NIS 187 million principal amount of series K debentures and approximately NIS 213 million principal amount of series L debentures in the offering.

In addition, Standard & Poor's Maalot reaffirmed an ilA+/stable rating for such potential offering of debentures of up to NIS 400 million aggregate principal amount. 

The execution, timing, terms and amount of such contemplated offering are subject to further approval of the Company's Board of Directors, publication of a supplemental offering report and the prior approval of the Tel Aviv Stock Exchange of the supplemental offering report. There is no assurance that such offering will be executed, nor as to its timing, terms or amount.

For additional details regarding the Company's debentures, see the Company's annual report on Form 20-F for the year ended December 31, 2017, filed on March 26, 2018, under "Item 5B. Liquidity and Capital Resources – Debt Service", and the Company's current reports on Form 6-K dated August 16, 2018, under "Debentures, Material Loans and Financial Liabilities", and December 4, 2018.

The contemplated offering described in this press release will be made, if made, only in Israel and only to residents of Israel. The said securities will not be registered under the U.S. Securities Act of 1933 and will not be offered or sold in the United States. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

A security rating is not a recommendation to buy, sell or hold securities, it may be subject to revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating.

About Cellcom Israel

Cellcom Israel Ltd., established in 1994, is a leading Israeli communications group, providing a wide range of communications services. Cellcom Israel is the largest Israeli cellular provider, providing its approximately 2.825 million cellular subscribers (as at September 30, 2018)  with a broad range of services including cellular telephony, roaming services for tourists in Israel and for its subscribers abroad, text and multimedia messaging, advanced cellular content and data services and other value-added services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an LTE 4 generation network and an HSPA 3.5 Generation network enabling advanced high speed broadband multimedia services, in addition to GSM/GPRS/EDGE networks. Cellcom Israel offers Israel's broadest and largest customer service infrastructure including telephone customer service centers, retail stores, and service and sale centers, distributed nationwide. Cellcom Israel further provides OTT TV services, internet infrastructure and connectivity services and international calling services, as well as landline telephone services in Israel. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL).   For additional information please visit the Company's website http://investors.cellcom.co.il.

SOURCE Cellcom Israel Ltd.

Related Links

http://investors.cellcom.co.il/

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