Israeli operator Partner Communications, which operates under the Orange brand, has agreed to enter into a NIS250m (US$71m) loan.
The facility was agreed with an unnamed syndicate of institutional investors and has a term of five years.
The loan is…
Israeli operator Partner Communications, which operates under the Orange brand, has agreed to enter into a NIS250m (US$71m) loan.
The facility was agreed with an unnamed syndicate of institutional investors and has a term of five years.
The loan is unsecured and will bear interest at 4.95% per annum. Partner has arranged the loan well in advance of when they will be provided with it, which will not be until December 2016.
The operator, acquired by Saban Capital last year, will use the proceeds to refinance existing debt and to finance its operating activities.
In its most recent quarterly results Partner posted a 68% jump in quarterly profits, which the company’s CEO attributed to adapting its cost structure.
The company has agreed a network sharing agreement with Altice’s Hot Mobile and Partner said the full impact of that cost-saving measure will not be felt until 2015.
Partner is the second largest mobile player and competes with four other network operators.
