Israeli mobile operator Partner Communications has entered into a loan agreement with an unnamed banking institution for two immediate facilities totalling NIS200m (US$51m).
The telco, which operates under the Orange brand but is not owned by the French…
Israeli mobile operator Partner Communications has entered into a loan agreement with an unnamed banking institution for two immediate facilities totalling NIS200m (US$51m).
The telco, which operates under the Orange brand but is not owned by the French incumbent, said proceeds from the loans will be used to refinance existing debt and for general corporate purposes.
The two facilities include a NIS120m (US$30.7m) loan, which will bear an annual interest rate of 3.17% for six years, and a NIS80m (US$20.5m) loan, which will carry an interest rate of 2.75% per annum for six years.
Partner also said it has repaid early NIS177m (US$45.3m) outstanding on a loan that was due to mature in December 2016. The company paid a one-time early repayment fee of NIS6m (US$1.5m).
Earlier this week, Partner secured spectrum for about US$8.5m, along with the country’s four other established mobile operators and a new entrant, in the country’s 4G auction.
In a statement, the ministry of communications noted that winning operators will be allowed to share spectrum. Tel Aviv-listed Partner and rival Hot Mobile already have a network sharing agreement and plan to share their newly-acquired airwaves.
Partner had made an unsuccessful last-ditch attempt to alter the auction’s terms, reportedly alleging that they favoured smaller rivals, granting them concessions which will allow them to continue to offer reduced prices.
