Partner Communications to redeem $175 million 13% notes

By Jennifer Chiou

New York, July 12 - Partner Communications Co. Ltd. said its shareholders approved the Aug. 15 redemption of the company's outstanding $175 million 13% senior subordinated notes due 2010 at 106.5% of the principal amount.

"The redemption of our 13% senior subordinated notes will conclude the refinancing of the company's long-term debt into lower cost shekel-denominated debt," chief financial officer Alan Gelman said in a news release.

He said Partner has sufficient funds from its $275 million bank facility for the redemption.

Shareholders also chose to postpone the discussion on the amendment of the Articles of Association during the general meeting.

Partner Communications is a Rosh Ha'ayin, Israel, mobile communications operator.

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